Twenty-six nations sign Accra Convention on negotiable cargo documents

Twenty-six nations, including Ghana and China, have signed the United Nations Convention on Negotiable Cargo Documents in Accra to modernise international trade. Known as the Accra Convention, the treaty establishes a legal framework that allows goods transported by road, rail, and air to serve as collateral for bank loans. This facility was previously limited to maritime cargo, often leaving traders using land-based transport at a significant financial disadvantage. Ghana became the first country to sign the agreement, which was adopted by the UN to facilitate trade and accelerate the digitisation of global supply chains.

Minister of Trade, Elizabeth Ofosu-Adjare, emphasised that the convention addresses a long-standing barrier for African businesses, particularly small and medium enterprises (SMEs). Historically, African traders with capital tied up in goods being transported via trucks lacked a negotiable instrument of title comparable to a bill of lading used in shipping. By creating a document of title for all modes of transit, the convention is expected to unlock much-needed trade finance and provide liquidity for businesses while their goods are in transit.

Transport Minister Joseph Bukari Nikpe described the unified legal framework as a transformative development for the transport sector. Beyond providing collateral options, the convention gives electronic cargo documents the same legal standing as traditional paper versions. This move toward digitalisation is intended to reduce transaction costs and improve the efficiency of cross-border trade. Anna Joubin-Bret, Secretary of the UN Commission on International Trade Law (UNCITRAL), commended Ghana’s leadership in hosting the ceremony and noted that the framework would build greater resilience into global supply chains.

International representatives, including Chinese Vice Commerce Minister Jiang Chenghua, highlighted the convention’s role in easing financial pressures on international trade enterprises. The signing ceremony in Accra was attended by approximately 400 representatives from over 60 countries, signaling broad global support for the new standards. The Accra Convention will officially enter into force after it has been ratified by ten nations, marking a new era in the integration of multi-modal transport and financial services.