Ghana is preparing to review key commercial and transport laws to make it easier for businesses to access loans using cargo documents as collateral under the United Nations Convention on Negotiable Cargo Documents, also known as the Accra Convention.
Minister of Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare announced the planned reforms at the signing ceremony of the convention in Accra on Tuesday, October 27.
She said the review would cover laws on transport, the sale of goods, evidence, electronic transactions and secured lending to ensure Ghana’s legal framework supports the new system.
The convention introduces negotiable documents of title for goods being transported by road, rail, air or a combination of transport modes. These documents would allow businesses to transfer rights to goods in transit and use them to secure financing from banks.
The government expects the arrangement to help address collateral challenges that often prevent traders and small and medium-sized enterprises from accessing credit.
Mrs Ofosu-Adjare said her ministry would work with the Attorney-General and the Ministries of Foreign Affairs and Transport to complete the processes required for ratification.
Government also plans to pilot the use of the cargo documents along a selected trade corridor, working with relevant port, customs, transport and banking institutions.
The initiative is expected to improve access to trade finance and help businesses fund their operations and expand commercial activities.
