Ghana is preparing to review key commercial and transport laws to enable businesses to use cargo documents as security for loans under the United Nations Convention on Negotiable Cargo Documents, known as the Accra Convention.
Speaking at the signining ceremony of the UN Convention on Negotiable Cargo Documents in Accra, Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, says the reforms will cover transport, the sale of goods, electronic transactions and secured lending to align Ghana’s legal framework 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.
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The Accra Convention introduces negotiable documents of title for goods in transit by road, rail, air or multiple transport modes. This will allow businesses to transfer rights to their cargo and use the documents to secure financing from banks.
Mrs Ofosu-Adjare said government would work with the Attorney-General and the Ministries of Foreign Affairs and Transport to complete the necessary processes for ratification.
Government also plans to pilot the use of the cargo documents along a selected trade corridor in collaboration with relevant port, customs, transport and banking institutions.
The reforms are expected to help address collateral constraints that often prevent traders and small and medium-sized enterprises from accessing credit, potentially improving their ability to finance operations and expand trade.
CNR