Ghana became the first country to sign a United Nations convention backed by 25 other nations to expand access to trade finance by allowing negotiable cargo documents to serve as collateral across road, rail, air and sea transport.
A total of 26 countries signed the UN Convention on Negotiable Cargo Documents, known as the Accra Convention, at a ceremony in Ghana’s capital on Monday, Oct. 26, establishing a common legal framework intended to reduce barriers to trade financing and support digital transactions.
The agreement seeks to extend legal protections traditionally associated with maritime cargo documents to goods transported by other modes, potentially allowing businesses to secure financing against goods in transit and transfer rights to those goods before delivery.
The move targets a financing constraint for businesses, particularly small and medium-sized enterprises, that often struggle to obtain credit despite having goods moving through supply chains.
Elizabeth Ofosu-Adjare, Ghana’s trade, agribusiness and industry minister, said the convention would address longstanding limitations in using goods in transit to secure bank financing.
She cited estimates that 80% to 90% of Africa’s freight moves by road, while intra-African trade accounted for 14.4% of the continent’s total trade in 2024. Africa’s trade finance gap was estimated at $74 billion to $92 billion that year, she said.
Under the convention, negotiable cargo documents would be recognised as documents of title across different transport modes. The framework also provides protections for parties relying on the documents in good faith and gives electronic versions the same legal effect as paper documents.
The changes are intended to reduce legal uncertainty around ownership and financing of goods in transit, potentially making it easier for banks to assess transactions and extend credit to traders.
Ofosu-Adjare said Ghana would pursue ratification and review relevant laws covering transport, the sale of goods, evidence, electronic transactions and secured lending to support implementation.
The government also plans to pilot negotiable cargo documents with the Ghana Shippers’ Authority, Ghana Ports and Harbours Authority, the Customs Division of the Ghana Revenue Authority and banks.
The convention’s practical impact will depend on countries ratifying the agreement, updating domestic laws and developing systems that allow financial institutions and businesses to use the documents in commercial transactions.
Anna Joubin-Bret, secretary of the United Nations Commission on International Trade Law, said the convention could reduce legal uncertainty, facilitate trade finance, strengthen supply chains and support digital trade as African countries deepen regional integration under the African Continental Free Trade Area.
Adopted by the UN General Assembly on Dec. 15, 2025, the convention will enter into force after the deposit of the 10th instrument of ratification, acceptance, approval or accession.
The 26 signatories include Ghana, Nigeria, China, Saudi Arabia, Rwanda, Côte d’Ivoire, Burkina Faso, Tanzania, Togo, Sierra Leone, Pakistan and the Democratic Republic of the Congo, alongside other countries in Africa, Asia, the Caribbean and Latin America.
Signing the convention is an initial step toward implementation and does not, by itself, establish that each country has completed ratification or incorporated its provisions into domestic law.
The potential economic benefit lies in making goods moving through supply chains more useful as financial assets, helping traders access working capital and supporting cross-border commerce. Whether that translates into more lending will depend on adoption by governments, banks and businesses.
