The Central Bank of Egypt and the African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding to advance plans for the establishment of a pan-African Gold Bank, a move aimed at transforming how gold is refined, stored, traded, and valued across the continent.
The agreement, signed in Cairo, marks a significant step toward formalising Africa’s gold value chains while strengthening central bank reserves and reducing the continent’s dependence on foreign refining and trading hubs outside Africa.
Under the MoU, both institutions will jointly commission a feasibility study to assess the technical, commercial, and regulatory requirements for building an integrated Gold Bank ecosystem in Egypt. The proposed framework includes the development of an internationally accredited gold refinery, secure vaulting facilities, and supporting financial and trading services within a designated free zone, with participation from multiple African countries.
The initiative aligns with Egypt’s broader strategy to deepen economic cooperation with African states and position itself as a regional hub for strategic commodities. It also reflects Afreximbank’s long-standing push for value addition in Africa’s mineral sector, ensuring that more of the continent’s natural resource wealth is processed and retained locally.
Speaking at the signing ceremony, Central Bank of Egypt Governor Hassan Abdalla described the project as a foundation that could evolve into a continent-wide platform involving African governments, central banks, mining companies, and market operators. He noted that Egypt’s geographic location and existing financial infrastructure place it in a strong position to host such a pan-African initiative, subject to the outcomes of the feasibility study and regulatory approvals.
Afreximbank President and Chairman, Dr. George Elombi, said the Gold Bank concept represents a strategic shift in how Africa manages its mineral wealth. He emphasized that building gold stocks within Africa would improve economic resilience, reduce vulnerability to external shocks, and support currency stability across the continent. According to Elombi, the initiative is part of a broader vision to ensure that Africa’s resources serve African economies first.
Beyond Egypt, the Gold Bank programme is expected to expand across the continent, encouraging harmonised standards, stronger institutional collaboration, and sustainable trade in gold and related financial services. By integrating refining, storage, and trading within Africa, the initiative could also support industrial development, deepen regional financial integration, and enhance Africa’s position in global precious metals markets.
Egypt is Afreximbank’s largest shareholder and host country, and the agreement builds on a long-standing partnership between the two institutions. If implemented, the Gold Bank could become one of the most significant continental financial infrastructure projects linked to Africa’s commodities sector in recent years.
