Egypt’s central bank and the African Export–Import Bank (Afreximbank) have agreed to explore the establishment of a pan-African Gold Bank, a move aimed at strengthening Africa’s control over its gold value chains and reducing reliance on foreign refining and trading hubs.
The two institutions signed a memorandum of understanding to jointly assess the feasibility of creating the bank, which would support gold extraction, refining, storage and trading across the continent, according to a statement.
The initiative aligns with Egypt’s push to deepen economic cooperation with African partners, while advancing Afreximbank’s strategy to promote value addition and local processing of strategic minerals.
It also comes as Egypt’s revenues from mineral wealth development rose 131 percent year on year to nearly $446 million in the 2024/25 fiscal year, driven by higher gold and silver production.
“This signing may appear simple, yet it has tremendous economic consequences for our continent,” Afreximbank President George Elombi said, adding that the initiative would help ensure Africa’s gold resources benefit Africans.
Elombi said building gold reserves, similar to practices in major economies, could strengthen Africa’s resilience to external shocks, improve currency stability and support long-term wealth creation.
Central Bank of Egypt Governor Hassan Abdalla said the project could form the basis of a broader pan-African framework, potentially involving African governments, central banks and market participants over time.
He said Egypt’s possible selection as a hub for the initiative subject to feasibility studies and regulatory approvals reflects confidence in its ability to lead large continental projects. Abdalla also cited Egypt’s strategic location linking Africa, the Middle East and Europe as an advantage for regional gold trade and financial innovation.
Under the agreement, the partners will conduct a joint feasibility study examining the technical, commercial and regulatory requirements for establishing a comprehensive Gold Bank ecosystem within a designated free zone in Egypt, with participation from African countries.
The proposal includes plans for a globally accredited gold refinery, secure storage facilities and related financial and trading services.
The initiative also seeks to engage African governments, central banks, mining firms and industry stakeholders to promote institutional cooperation, standardise best practices and support sustainable gold trade across the continent.
