Ghana has made history by becoming the first country to sign the United Nations Convention on Negotiable Cargo Documents, also known as the Accra Convention. The signing ceremony took place on October 26, 2026, in Ghana's capital, marking a significant milestone in global trade. This convention aims to establish a harmonized global legal framework for negotiable cargo documents across all modes of transport, including road, rail, air, and sea.
The Accra Convention was signed by 26 countries on the opening day, and it is expected to bridge a massive gap in international shipping. The treaty gives electronic cargo documents the same legal weight as traditional paper records, making it easier for businesses to secure bank financing against goods while they are still in transit. This digital evolution is expected to be a significant boost for businesses, particularly small and medium-sized enterprises (SMEs).
The journey to the Accra Convention began in 2019 when China proposed a framework to govern multimodal cargo transport. The United Nations Commission on International Trade Law (UNCITRAL) finalized the text in July 2025, and it was officially adopted by the United Nations General Assembly on December 15, 2025. Ghana's Minister of Trade, Agribusiness and Industry, Mrs. Elizabeth Ofosu-Adjare, signed the document on behalf of President John Dramani Mahama.
Mrs. Ofosu-Adjare expressed pride in Ghana's leadership, announcing that the country is initiating immediate domestic legal reviews to ensure it is among the first to deposit its instruments of ratification. The agreement is expected to address longstanding barriers preventing businesses, particularly SMEs, from accessing finance using goods in transit as collateral. The trade minister highlighted that road transport accounts for 80 to 90 percent of Africa's freight movement.
The Accra Convention aims to target Africa's significant trade finance gap, estimated to be between $74 billion and $92 billion. The treaty requires ratification from 10 member states before it officially enters into force. Ghana is not new to leading the world on the United Nations stage, having made history 36 years ago as the first country to ratify the United Nations Convention on the Rights of the Child (UNCRC).
The signing of the Accra Convention has been hailed as a significant milestone in international law and global economic cooperation. Ghana's leadership in this area is expected to have a positive impact on the country's businesses, particularly SMEs. The country's intra-African trade represented just 14.4 percent of the continent's total trade in 2024, highlighting the need for initiatives like the Accra Convention.
With the Accra Convention, Ghana has once again cemented its role as a pioneer in international law and global economic cooperation. The country's commitment to implementing the treaty is expected to have a positive impact on its economy and trade relationships with other countries. The Accra Convention is a significant step towards unlocking Africa's trade finance and promoting economic growth.
Key points
- Ghana becomes the first country to sign the UN Convention on Negotiable Cargo Documents.
- The Accra Convention aims to target Africa's significant trade finance gap, estimated to be between $74 billion and $92 billion.
- The treaty requires ratification from 10 member states before it officially enters into force.
