Africa took a step toward reshaping how its gold is refined, stored and traded after the Central Bank of Egypt and African Export-Import Bank signed an agreement to establish a pan-African Gold Bank.
The initiative is aimed at formalising gold value chains, strengthening central bank reserves and reducing the continent’s dependence on foreign refining and trading hubs, according to a joint statement by the two institutions.
Under the memorandum of understanding, the partners will commission a feasibility study to assess the technical, commercial and regulatory requirements for developing an integrated gold banking ecosystem in Egypt. The proposed structure would include an internationally accredited refinery, secure vaulting facilities and associated financial and trading services, located in a designated free zone and open to participation by other African countries.
If implemented, the project would mark a shift in how Africa manages one of its most valuable natural resources. Much of the continent’s gold is currently exported in raw form and refined or traded in markets outside Africa, limiting the economic value retained locally.
The agreement aligns with Afreximbank’s broader strategy to promote value addition in Africa’s minerals sector and deepen regional financial integration. For Egypt, it supports efforts to position the country as a regional hub for commodities, trade finance and financial innovation.
Central Bank of Egypt Governor Hassan Abdalla said the initiative could evolve into a continent-wide framework involving African governments, central banks and market participants, subject to regulatory approvals and the outcome of the feasibility study. Egypt’s geographic location, linking Africa, the Middle East and Europe, was cited as a factor supporting its potential role as a hub.
Afreximbank President George Elombi said the project is intended to help African economies retain more value from gold production, build reserves and reduce vulnerability to external shocks, while improving currency stability over time.
Egypt is Afreximbank’s largest shareholder and host country, and the two institutions have maintained a long-standing partnership.
