Ghana is set to overhaul key commercial and transport statutes so that businesses can use negotiable cargo documents as security for loans under the United Nations Convention on Negotiable Cargo Documents, the Accra Convention. Minister of Trade, Agribusiness and Industry Elizabeth Ofosu‑Adjare announced the reforms at the signing ceremony in Accra, noting that the changes will cover transport, the sale of goods, electronic transactions and secured lending to bring Ghana’s legal framework in line with the agreement.
“My Ministry will lead a review of our laws on transport, sale of goods, evidence, electronic transactions and secured lending, so that our courts and systems are ready to recognise the new document on the day it binds us,” she said. The Convention introduces negotiable documents of title for goods in transit by road, rail, air or multiple transport modes, allowing firms to transfer cargo rights and secure financing from banks.
Ofosu‑Adjare said the government would work with the Attorney‑General and the Ministries of Foreign Affairs and Transport to complete the necessary processes for ratification. A pilot will also be launched along a selected trade corridor in partnership with port, customs, transport and banking institutions.
The reforms aim to tackle collateral constraints that often bar traders and SMEs from accessing credit, potentially boosting their ability to finance operations and expand trade.
