Egypt’s central bank and Afreximbank signed an agreement on Monday to explore the establishment of a pan-African gold bank, an initiative aimed at formalizing gold value chains, strengthening reserves, and reducing Africa’s reliance on foreign refining and trading centers.
Terms of the agreement
Under the agreement, the Central Bank of Egypt (CBE) and Afreximbank will carry out a feasibility study to assess the technical, regulatory, and commercial requirements for creating an integrated gold banking and refining hub in a designated free zone in Egypt.
The proposed initiative could include an internationally accredited gold refinery, secure vaulting infrastructure, and associated financial and trading services. Participation would extend to African governments, central banks, and key industry stakeholders.
The CBE said the partnership reflects a shared vision to support domestic manufacturing, promote sustainable development, and deepen regional financial and trade integration across Africa.
CBE Governor Hassan Abdallah said the project could expand into a broader pan-African framework, highlighting Egypt’s strategic position at the intersection of Africa, the Middle East, and Europe, which positions the country as a natural hub for gold trade on the continent.
Strengthening African ownership
Afreximbank President George Elombi described the initiative as a decisive step toward ensuring Africa’s gold resources serve African economies. He said the proposed gold bank would transform how the continent extracts, refines, stores, manages, and trades gold.
By building gold stockpiles within Africa, Elombi noted, the initiative could strengthen economic resilience, reduce exposure to external shocks, enhance currency stability, and create long-term wealth across the continent.
The agreement comes as Egypt continues to increase its gold holdings as part of its foreign exchange reserves, reflecting a broader global trend among central banks seeking balance-sheet stability amid market volatility.
The CBE is the largest shareholder and host country of Afreximbank, reinforcing Egypt’s role as a strategic financial and trade hub for Africa. If implemented, the gold bank could position Egypt as a central node for mineral value addition, while promoting harmonized standards, sustainable gold trade practices, and deeper economic integration across the continent.
