Ghana to review laws to implement Accra Convention – Ofosu-Adjare

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, says Ghana will review its laws to facilitate the implementation of the Accra Convention on Negotiable Cargo Documents, a move expected to improve businesses’ access to trade financing. Speaking at the signing ceremony in Accra, she said the Convention would address inequalities in access to credit, particularly for businesses transporting goods by road that often struggle to use cargo as collateral for loans.

“There are fewer ways to raise finance for one whose goods are on a truck than one whose goods are on a ship. That is the imbalance this Convention was written to correct,” she said. The Convention introduces a negotiable document of title for goods in transit by road, rail, air or sea, allowing the holder to claim the goods and transfer the associated rights to another party.

It also provides protections for buyers and banks that rely on the document in good faith, while recognising electronic cargo documents as having the same legal effect as paper-based versions. Mrs Ofosu-Adjare said the framework could help exporters, manufacturers and small businesses unlock capital tied up in goods in transit and improve their ability to secure financing.

“Let me say plainly that this signature is for the exporter whose cargo spoils while paperwork catches up. It is for the manufacturer whose capital sits locked in a container. It is for the small firm that has never been able to borrow against goods on a truck,” she said. Ghana to amend legal framework The Minister said the government would review existing laws on transport, the sale of goods, evidence, electronic transactions and secured lending to ensure they accommodate the new cargo documentation system.

She said the process would involve collaboration with the Attorney-General’s Department, the Ministry of Foreign Affairs and the Ministry of Transport. Mrs Ofosu-Adjare added that Ghana intended to complete the necessary constitutional processes and deposit its instrument of ratification among the earliest signatories. She stressed that signing the Convention was only the first step and that its benefits would depend on effective implementation.

“The statute will follow, working with the Attorney-General, the Ministry of Foreign Affairs and the Ministry of Transport,” she said. Government plans stakeholder collaboration Mrs Ofosu-Adjare called on other countries to sign the Convention and support its implementation to expand trade financing opportunities across different transport systems.

She said Ghana would work with institutions including the Ghana Shippers Authority, the Ghana Ports and Harbours Authority, the Customs Division of the Ghana Revenue Authority and commercial banks to pilot the use of negotiable cargo documents. The initiative is also expected to support the modernisation of trade documentation, encourage electronic transactions and make it easier for businesses to access credit while their goods are being transported.

The Minister said broader participation by other countries would be important to achieving the Convention’s objectives and facilitating trade across borders. “Ghana signs first, but we would be delighted not to sign alone,” she said.