Egypt and Afreximbank Launch Pan-African Gold Bank Initiative to Transform Africa’s Gold Chain

Cairo, EGYPT — 2026-01-09 — The Central Bank of Egypt (CBE) and the African Export-Import Bank (Afreximbank) have signed a landmark Memorandum of Understanding (MoU) to lay the groundwork for a Pan-African Gold Bank programme, aiming to transform Africa’s gold value chain, strengthen central bank reserves, and reduce reliance on foreign refining and trading hubs, official statements confirm.

Updated 09:05 UTC

The agreement was formalised on December 30, 2025, at the Central Bank of Egypt headquarters in Cairo by CBE Governor Hassan Abdalla and Afreximbank President and Chairman Dr. George Elombi. The MoU outlines a cooperative effort to undertake feasibility, technical, regulatory, and commercial studies for establishing an integrated gold banking ecosystem.

The proposed Gold Bank programme would be based in a designated Egyptian free zone and is expected to encompass an internationally accredited gold refinery, secure vaulting facilities, and complementary financial and trading services, according to the joint communiqué. 

Reactions

Officials and experts. Governor Hassan Abdalla emphasised that the initiative could expand into a continental framework engaging African governments, central banks, and market stakeholders, positioning Egypt as a strategic hub for gold trade and financial innovation. Dr. Elombi underscored Afreximbank’s objective to ensure that “Africa’s gold must serve African people,” by restructuring how gold is refined, valued, stored, and traded within the continent. 

Regional and international. Financial analysts and trade experts noted that formalising gold value chains and retaining more value on the continent could bolster financial stability, strengthen currency resilience, and reduce vulnerability to external shocks that have long challenged African economies dependent on raw export and offshore markets. 

Public sentiment. Reaction across African business forums and social media has been mixed: some view the initiative as a catalyst for value-added industrial growth, while others urge clear regulatory frameworks to ensure equitable participation among smaller gold-producing states.

Context & Significance

Africa produces a significant share of the world’s gold, yet much of its raw output is exported for refining and trading overseas, limiting local value capture and reserve accumulation. The Pan-African Gold Bank initiative is designed to formalise value chains, retain more economic benefits within Africa, and enhance central banks’ reserves — a critical buffer against global market volatility.

The programme aligns with broader continental priorities under the African Union’s Agenda 2063 to accelerate regional economic integration, promote value addition, and develop robust intra-African trade systems. Egypt, already host to Afreximbank and a major shareholder, aims to leverage its geographic position at the nexus of Africa, the Middle East, and Europe to serve as a cornerstone for the proposed banking and trading hub.

What’s Next

Under the MoU, the partners will commence a comprehensive feasibility study to determine technical, legal, regulatory, and market prerequisites for the Gold Bank ecosystem. Pending outcomes and approvals, subsequent phases could include the establishment of facilities, stakeholder engagement across mining, finance, and government sectors, and initiation of pilot operations. Full scaling will depend on aligned policy support and investor participation from across Africa.