26 countries sign Accra Convention to boost trade facilitation, digitalisation

In a significant step towards bolstering international trade, 26 countries have signed the United Nations Convention on Negotiable Cargo Documents, also known as the Accra Convention. The ceremony took place in Accra on October 26, 2026, marking Ghana as the first nation to sign the Convention. This landmark agreement establishes a uniform legal framework for negotiable cargo documents, encompassing road, rail, air, and sea transport.

Speaking at the event on behalf of President John Dramani Mahama, Minister for Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare emphasized that the Convention aims to tackle long-standing issues that have hindered businesses, particularly small and medium-sized enterprises (SMEs), from leveraging goods in transit as collateral for financing.

While maritime cargo documents have historically facilitated trade during transit and secured bank loans, comparable arrangements have been lacking for road, rail, and air transport.

Ofosu-Adjare pointed out that approximately 80 to 90 percent of Africa's freight is transported by road, while intra-African trade constituted only 14.4 percent of the continent's total trade in 2024. Furthermore, Africa faces an estimated trade finance gap of between US$74 billion and US$92 billion in 2024. The signing of the Accra Convention is expected to address these barriers and promote access to finance.

Under the new framework, negotiable cargo documents will function as title deeds across various modes of transport. The Convention also safeguards parties who rely on these documents in good faith and grants electronic cargo documents the same legal status as their paper counterparts. Ofosu-Adjare reaffirmed Ghana's commitment to ratify the Convention and pledged to revise pertinent laws related to transport, goods sales, evidence, electronic transactions, and secured lending to support its implementation.