Twenty-six countries sign trade convention in Accra
By the AFREEQUE newsroom, based on MyJoyOnline
Twenty-six countries signed the United Nations Convention on Negotiable Cargo Documents in Accra, aimed at facilitating trade finance and the digitalisation of trade. The text is intended, among other things, to allow goods transported by road, rail or air to be used as collateral, according to MyJoyOnline.
Twenty-six countries signed the United Nations Convention on Negotiable Transport Documents, known as the Accra Convention, in Accra on 26 October. Ghana became the first signatory to the treaty, which harmonises rules for cargo documents used in road, rail, air and maritime transport, according to MyJoyOnline.
Ghana’s Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, said the framework was intended to enable businesses, particularly small and medium-sized enterprises, to use goods in transit as collateral to secure financing. Negotiable documents will be able to serve as title documents, while their electronic versions will have the same legal status as paper documents. The text also provides protection for parties who rely on them in good faith.
Elizabeth Ofosu-Adjare said that 80% to 90% of African freight moved by road, while intra-African trade accounted for just 14.4% of the continent’s total trade in 2024. Africa’s trade finance gap was estimated at between $74 billion and $92 billion that year. Ghana plans to ratify the convention, amend several laws and launch a pilot project with its shippers’ authority, port authority, customs services and banks, according to MyJoyOnline.
