By: Benjamin Nii Nai Anyetei
Ghana has become the first country to sign the United Nations Convention on Negotiable Cargo Documents, known as the Accra Convention, in a move aimed at improving access to trade finance, facilitating cross-border trade and strengthening supply chains across Africa.
The Convention, opened for signature in Accra on Monday, October 26, 2026, establishes a harmonised legal framework for negotiable cargo documents covering road, rail, air and sea transport.
A total of 26 countries signed the Convention at the ceremony, which brought together government officials, representatives of the United Nations Commission on International Trade Law (UNCITRAL), the African Continental Free Trade Area (AfCFTA) Secretariat and delegations from participating states.
Speaking on behalf of President John Dramani Mahama, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, said the agreement would address longstanding legal barriers that prevent businesses from using goods in transit to secure financing.
She said Ghana would pursue early ratification of the Convention and review relevant legislation to prepare for its implementation.
Addressing Africa’s trade finance gap
Africa’s unmet demand for trade finance was estimated at between 74 billion and 92 billion US dollars in 2024, representing approximately 5.4 per cent of merchandise trade.
Small and medium-sized enterprises (SMEs) face particular difficulties accessing credit, with only 63 per cent of their trade finance applications approved, compared with 80 per cent across all applicants.
One of the challenges stems from differences in the legal status of cargo documents used across various modes of transport.
Maritime bills of lading can serve as documents of title, allowing traders to transfer ownership of goods while they are in transit or use the goods as security for bank loans. However, documents used for road, rail and air transport generally do not provide equivalent rights, limiting businesses’ ability to use goods in transit to secure financing.
The Accra Convention seeks to close this gap by allowing negotiable cargo documents to serve as documents of title across different modes of transport.
The framework also provides for the protection of parties acting in good faith and seeks to give electronic cargo documents the same legal effect as paper-based documents.
Mrs Ofosu-Adjare said the new framework would help businesses, particularly SMEs, unlock the value of goods in transit and improve their access to credit.
She cited estimates that road transport accounts for between 80 and 90 per cent of Africa’s freight movement, while intra-African trade represented only 14.4 per cent of the continent’s total trade in 2024.
She said removing legal barriers to the use of cargo documents could help businesses access financing and improve the movement of goods across borders.
Ghana commits to early ratification
The Trade Minister reaffirmed Ghana’s commitment to advancing the Convention through the country’s constitutional processes.
She said the Ministry of Trade, Agribusiness and Industry would work with the Attorney-General and the Ministry of Foreign Affairs to facilitate early ratification.
The government also plans to review laws relating to transport, the sale of goods, evidence, electronic transactions and secured lending to ensure the country’s legal framework supports the new system.
Mrs Ofosu-Adjare further announced plans to pilot negotiable cargo documents in collaboration with the Ghana Shippers’ Authority, the Ghana Ports and Harbours Authority, the Customs Division of the Ghana Revenue Authority and banks.
The pilot is expected to help prepare the relevant institutions and businesses for the practical application of the Convention.
UNCITRAL backs harmonised legal framework
The Secretary of UNCITRAL, Anna Joubin-Bret, commended Ghana for hosting the signing ceremony and becoming the first country to sign the Convention.
She said the agreement could reduce legal uncertainty, improve access to trade finance, strengthen supply chains and support the digitalisation of international trade.
She described the signing as an important first step towards implementing the new international legal framework and called on countries to support its wider adoption.
The Convention is also expected to support the objectives of the AfCFTA by facilitating cross-border trade, improving access to financing and strengthening commercial links among African countries.
By harmonising the legal treatment of negotiable cargo documents across different modes of transport, the agreement seeks to make trade transactions more efficient and enable businesses to benefit from financing opportunities that were previously difficult to access.
Countries sign Accra Convention
The 26 signatories are Ghana, Sierra Leone, Burkina Faso, Cabo Verde, China, Comoros, Côte d’Ivoire, Cuba, the Democratic Republic of the Congo, Djibouti, Dominica, the Dominican Republic, Gabon, The Gambia, Guinea, Guinea-Bissau, Mauritania, Nicaragua, Nigeria, Pakistan, Rwanda, Saudi Arabia, South Sudan, Togo, Tanzania and Venezuela.
The United Nations General Assembly adopted the Accra Convention on December 15, 2025. It was named after Ghana’s capital, where it was opened for signature.
The Convention will enter into force after the deposit of the tenth instrument of ratification, acceptance, approval or accession.
Ghana’s next step will be to complete its domestic ratification process and prepare the necessary legal and institutional arrangements to implement the agreement.
