KINGSTON, Jamaica - Jamaica's government has announnced that a four-member committee has been appointed to search for a new governor of the Bank of Jamaica (BOJ), who will succeed Richard Byles on the completion of his term of appointment in August 2026
Finance and the Public Service Minister Fayval Williams said the process will identify the best-suited candidate to lead the BOJ in entrenching stability, modernising the financial system, including accelerating digital payments into everyday economic activity, especially for underserved Jamaicans and ensuring that the gains of sound monetary policy are felt across the broader economy in jobs and investments.
The four members of the committee are Calvin McDonald, an eminent Jamaican with 29 years as a staff economist at the International Monetary Fund (IMF) and who, after several senior appointments, retired in 2021 as deputy secretary of the IMF; Ambassador Kathryn Phipps, an attorney who has practiced law in Jamaica, St Kitts and Nevis, The Bahamas and Grenada as well as Professor Delroy Hunter: the Serge Bonanni Professor of International Finance at the University of South Florida and a former Commonwealth scholar.
He has published peer-reviewed papers in several prestigious business journals including the Journal of Financial Economics.
The other committee members is Minna Israel: an accomplished financial services professional with extensive senior executive and board of director experience in leading strategic transformation at large and complex organisations. She served as special advisor to the vice-chancellor on resource development at the University of the West Indies.
According to the government statement, the search committee will assist in identifying a shortlist of suitable candidates for the position from which a submission will be made to Cabinet concerning the individual to be recommended to the Governor General for appointment in accordance with the Bank of Jamaica Act.
Byles was appointed BOJ Governor effective 19 August 2019. Prior to joining the bank, Byles has had a career spanning over 40 years in the private sector in the areas of business and finance and is one of the most accomplished corporate leaders of his generation. He has served as Council Member at the University of The West Indies, Vice President of the Private Sector Organisation of Jamaica and on many company boards.
His public sector service includes serving as the first private sector Co-Chairman of Jamaica’s landmark Economic Programme Oversight Committee (EPOC) formed to monitor Jamaica’s performance under our IMF-supported reform programme.
Byles holds a B.Sc. in Economics from the University of the West Indies, Mona, and a M.Sc. in National Development from the University of Bradford, England. He was awarded the Doctor of Humane Letters from Northern Caribbean University, and the Doctor of Business from the University College of the Caribbean.
