Twenty-six countries have signed the United Nations Convention on Negotiable Cargo Documents in Accra, marking a major milestone in efforts to streamline global commerce and expand access to trade finance.
Dubbed the Accra Convention, the international treaty establishes a unified legal framework for negotiable cargo documents across road, rail, air, and sea transport. The signing ceremony, held in the Ghanaian capital on Monday, October 26, 2026, saw Ghana become the first signatory to the historic agreement.
Delivering an address on behalf of President John Dramani Mahama, the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, stated that the framework resolves persistent hurdles that prevent businesses—particularly small and medium-sized enterprises—from using goods in transit as collateral. She explained that whilst maritime shipping has long allowed cargo to be traded in transit and used to secure bank loans, equivalent arrangements have historically been unavailable for road, rail, and air freight.
The Minister highlighted the critical need for the reform, pointing out that between 80 and 90 per cent of freight across Africa moves by road, whilst intra-African trade stood at a modest 14.4 per cent of total trade in 2024. She added that the continent continues to face a trade finance deficit estimated between US74 billion and US92 billion.
Under the new framework, negotiable cargo documents will hold legal status as documents of title across all transport sectors. The treaty protects third parties acting in good faith and accords electronic cargo documents equal legal standing with paper versions, driving full digitalisation.
Mrs Ofosu-Adjare affirmed Ghana’s intention to swiftly ratify the treaty and update domestic laws governing transport, evidence, electronic transactions, and secured lending. She announced plans to launch a pilot scheme in collaboration with key stakeholders, including the Ghana Shippers’ Authority, the Ghana Ports and Harbours Authority, the Customs Division of the Ghana Revenue Authority, and the banking sector.
Speaking at the event, the Secretary of the United Nations Commission on International Trade Law (UNCITRAL), Anna Joubin-Bret, praised Ghana for hosting the landmark gathering. She noted that the treaty will eliminate legal ambiguity, fortify supply chains, and bolster regional integration under the African Continental Free Trade Area (AfCFTA), calling on nations worldwide to accelerate its adoption.
The convention, adopted by the UN General Assembly on December 15, 2025, takes its name from Accra, where it formally opened for signature. It will officially enter into force once ten states deposit their instruments of ratification, acceptance, approval, or accession.
Alongside Ghana, the initial signatories include 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.
By: Rainbowradioonline.com/Ghana
