Pan-African Gold Bank to Reshape Africa’s Gold Trade
Africa could soon take a decisive step toward reclaiming control over its gold value chain, following a new agreement between the Central Bank of Egypt (CBE) and the African Export–Import Bank (Afreximbank) to establish a pan-African Gold Bank.
Under a Memorandum of Understanding signed in Cairo, the two institutions have committed to developing a continent-wide gold banking ecosystem designed to formalise gold trade, strengthen central bank reserves and reduce Africa’s dependence on foreign refining, vaulting and trading centres.
The initiative, signed by CBE Governor Hassan Abdalla and Afreximbank President Dr. George Elombi, reflects growing momentum among African financial institutions to retain more value from the continent’s mineral wealth. Gold remains one of Africa’s most strategically important resources, yet much of it is refined, stored and priced outside the continent.
At the heart of the agreement is a proposed feasibility study that will assess the technical, commercial and regulatory requirements for establishing an integrated Gold Bank in a designated free zone in Egypt. The envisioned ecosystem would include an internationally accredited refinery, secure vaulting facilities and gold-linked financial and trading services, with participation from African countries, central banks and industry players.
For Egypt, the project aligns with a broader strategy to deepen economic integration across Africa and position itself as a hub for large-scale continental initiatives. Mr. Abdalla said the Gold Bank could evolve into a pan-African framework that brings together governments, monetary authorities and market participants, adding that Egypt’s geographic position between Africa, the Middle East and Europe gives it a natural advantage in regional gold trade and financial innovation.
Afreximbank sees the initiative as part of a wider push to ensure Africa’s natural resources drive African prosperity. Dr. Elombi said the proposed Gold Bank would fundamentally change how gold is extracted, refined, stored, valued and traded, with the goal of retaining wealth within the continent. By building gold stocks domestically, he noted, African economies could enhance resilience, improve currency stability and reduce vulnerability to external shocks.
Beyond infrastructure, the partnership aims to harmonise best practices across Africa’s gold sector, engage mining companies and regulators, and promote sustainable, transparent gold trade. The initiative also supports domestic manufacturing, regional financial integration and long-term development goals.
The MoU builds on a long-standing relationship between Egypt and Afreximbank, with Egypt serving as the Bank’s host country and largest shareholder. If realised, the pan-African Gold Bank could mark a significant shift in how Africa manages one of its most valuable resources moving from exporter of raw wealth to steward of its own strategic assets.
