Africa moves to reclaim gold value chains with pan-African Gold Bank plan

• Egypt, Afreximbank plan continent-wide Gold Bank
• Project aims to keep Africa’s gold value at home

CAIRO, EGYPT – Egypt’s central bank and Afreximbank have launched plans for a pan-African Gold Bank to formalise gold value chains and cut Africa’s reliance on foreign trading hubs.

The Central Bank of Egypt and African Export – Import Bank signed a Memorandum of Understanding on Tuesday to explore the establishment of the continent-wide institution, which would anchor refining, storage and trading services within Africa.