The Central Bank of Egypt (CBE) and the African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to explore the creation of a pan-African Gold Bank. The initiative seeks to assess the potential for formalising gold value chains, strengthening central bank reserves, and reducing Africa’s reliance on non-African refining and trading centres.
The MoU was signed in Cairo by Hassan Abdalla, Governor of the Central Bank of Egypt, and Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank. The agreement sets the stage for a joint feasibility study that will evaluate the technical, commercial, and regulatory requirements for developing an integrated gold ecosystem within a designated free zone in Egypt, with participation from other African countries.
The study will consider the establishment of an internationally accredited refinery, secure vaulting facilities, and financial and trading services aimed at improving efficiency in Africa’s gold markets. Both institutions stated that the initiative aligns with their shared objectives of supporting value addition, promoting sustainable economic growth, and enhancing regional financial integration.
Mr Abdalla said the project represents an opportunity to build a collaborative framework among African countries that could, over time, support more integrated and transparent trade in gold. He noted that Egypt’s strategic location between Africa, the Middle East, and Europe provides logistical advantages that could be beneficial should the country host such an initiative.
Dr Elombi described the agreement as a preliminary step towards developing mechanisms that enable African nations to retain a greater share of value from their natural resources. He stated that strengthening the continent’s gold reserves could contribute to financial stability, enhance currency resilience, and support long-term development goals.
Both signatories emphasised that the feasibility study will determine the viability of the Gold Bank concept before any implementation phase begins. The findings are expected to guide subsequent discussions on governance, regulatory harmonisation, and institutional participation across African states.
The initiative follows a longstanding collaboration between Afreximbank and the Central Bank of Egypt. Egypt is Afreximbank’s largest shareholder and serves as its host country, providing a framework for joint projects designed to promote trade, industry, and investment cooperation across the continent.
Observers note that the proposal reflects a growing interest among African financial institutions in exploring regional mechanisms that could enhance self-reliance in strategic sectors. However, analysts also highlight that any potential Gold Bank would need to address regulatory alignment, infrastructure investment, and the diverse interests of participating member states to be sustainable.
The signing of the MoU does not constitute a commitment to establish the Gold Bank but marks the beginning of a technical and consultative process. If found viable, the project could contribute to discussions on how Africa manages, trades, and stores its gold resources, potentially shaping future approaches to intra-African trade and monetary cooperation.
