Ghana to amend laws to allow businesses use cargo documents as loan collateral

Ghana is preparing to amend key commercial and transport laws to allow businesses to use documents covering goods in transit as collateral for bank loans, in a move aimed at easing access to trade finance.

The proposed reforms are expected to benefit traders and small and medium-sized enterprises (SMEs) that struggle to secure loans because they lack acceptable collateral. If implemented, the system could help businesses raise funds to transport goods, manage operations, and expand trade without relying solely on traditional assets such as land and buildings.

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Minister of Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, announced the planned reforms at the signing ceremony of the United Nations Convention on Negotiable Cargo Documents, known as the Accra Convention, on Monday, October 26, 2026.

She said the government would review existing laws to ensure that the new cargo documents are recognised under Ghana’s legal framework.

"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 provides for the use of negotiable documents of title for goods transported by road, rail, air, or a combination of these modes. The documents can be transferred to another party and used as security to obtain 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 processes required to ratify the agreement.

The government also plans to pilot the use of the cargo documents along a selected trade corridor in collaboration with port authorities, customs officials, transport operators, and banks.

ANAS/MA

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