Ghana: Accra Convention Signed, Drives Trade Facilitation Digitalisation

• Twenty-six countries, led by Ghana, signed the United Nations Convention on Negotiable Cargo Documents, known as the Accra Convention, on October 26, 2026.
• The Convention establishes a harmonized legal framework for negotiable cargo documents across all transport modes, including road, rail, air, and sea.
• It aims to expand access to trade finance for businesses, particularly SMEs, by allowing goods in transit to be used as collateral, addressing a significant finance gap in Africa.
• Electronic cargo documents will be granted the same legal effect as their paper counterparts under this new international legal framework.
• Ghana has committed to ratifying the Convention and reviewing national laws to support its implementation, with UNCITRAL highlighting its role in strengthening supply chains and digital trade within the AfCFTA.

This new framework is designed to empower businesses, particularly small and medium-sized enterprises, by enabling them to leverage goods in transit as collateral for financing, a facility previously largely confined to maritime trade.

Twenty-six nations have formally endorsed the United Nations Convention on Negotiable Cargo Documents, an agreement now widely recognized as the Accra Convention. This landmark signing, which took place in Accra on October 26, 2026, represents a concerted international effort to enhance global trade facilitation, broaden access to essential trade finance, and accelerate the digitalization of commercial processes.

Ghana distinguished itself as the inaugural signatory to this pivotal Convention. The Accra Convention is designed to establish a unified legal framework for negotiable cargo documents, encompassing all major modes of transport: road, rail, air, and sea. This harmonization aims to streamline cross-border transactions and reduce complexities inherent in diverse national legal systems.

A significant impetus behind the Accra Convention is its potential to address long-standing challenges that have hindered businesses, particularly small and medium-sized enterprises (SMEs), from securing financing by utilizing goods in transit as collateral. Elizabeth Ofosu-Adjare, Ghana's Minister for Trade, Agribusiness and Industry, speaking on behalf of President John Dramani Mahama, highlighted that while maritime cargo has historically allowed for in-transit trading and bank financing, similar opportunities have been largely absent for goods transported via road, rail, and air.

This new framework is designed to empower businesses, particularly small and medium-sized enterprises, by enabling them to leverage goods in transit as collateral for financing, a facility previously largely confined to maritime trade. The Minister underscored the urgency of this issue by citing compelling statistics: an estimated 80 to 90 percent of Africa's freight moves by road, yet intra-African trade constituted only 14.4 percent of the continent's total trade in 2024. Furthermore, Africa faced a substantial trade finance gap, estimated between US$74 billion and US$92 billion in 2024, which the Convention is expected to help mitigate by removing barriers to finance access. Under the Convention, negotiable cargo documents will function as documents of title across various transport modes, offering crucial protections for parties who rely on them in good faith and granting electronic cargo documents the identical legal standing as their paper equivalents.

Ghana has affirmed its strong commitment to ratifying the Accra Convention and undertaking a comprehensive review of its relevant national laws. This includes legislation pertaining to transport, the sale of goods, evidence, electronic transactions, and secured lending, all necessary steps to ensure the Convention's effective implementation. The nation also plans to initiate pilot programs for negotiable cargo documents, collaborating with key entities such as the Ghana Shippers’ Authority, the Ghana Ports and Harbours Authority, the Customs Division of the Ghana Revenue Authority, and various banking institutions.

Anna Joubin-Bret, Secretary of the United Nations Commission on International Trade Law (UNCITRAL), lauded Ghana for hosting the ceremony and acknowledged the collaborative efforts between the Ghanaian government and the UNCITRAL Secretariat in preparing the Convention for signature. She emphasized that the Convention will play a vital role in reducing legal uncertainties, facilitating trade finance, bolstering supply chains, and fostering digital trade, especially as African nations deepen their regional integration efforts under the African Continental Free Trade Area (AfCFTA). Ms. Joubin-Bret characterized the signing as a crucial initial step toward establishing this international legal framework and urged broader adoption among the global community. The 26 signatory nations include 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.

Lawyers and compliance officers in signatory countries, particularly Ghana, must monitor the ratification and implementation of the Accra Convention. This new harmonized legal framework will significantly impact international trade contracts, trade finance structures (especially for SMEs leveraging goods in transit as collateral), and the legal validity of electronic cargo documents across all transport modes. They should prepare to advise clients on new compliance requirements, financing opportunities, and necessary adjustments to existing trade and logistics practices.

Source: Original reporting on the Accra Convention via Myjoyonline.com