Finance Minister Names Four-Member Panel to Find Next Bank of Jamaica Governor

KINGSTON, Jamaica — The hunt for the next head of the Bank of Jamaica (BOJ) is officially under way, with Minister of Finance and the Public Service Fayval Williams announcing on Monday that a selection committee has been put in place to find a successor to current governor Richard Byles, whose term wraps up in August 2026.

In a press release, Williams indicated that the recruitment exercise is geared toward securing a leader capable of preserving economic stability, pushing forward modernisation of the country's financial system, and broadening the reach of digital payments into daily commerce — particularly for Jamaicans currently outside the formal financial net. She added that the chosen candidate would be expected to ensure that prudent monetary management translates into tangible benefits such as employment growth and increased investment.

A panel of four has been tasked with conducting the search. The members are:

– Calvin McDonald, a distinguished Jamaican who spent 29 years as a staff economist at the International Monetary Fund (IMF) and stepped down in 2021 as deputy secretary of the Fund following a series of senior posts;

– Ambassador Kathryn Phipps, an attorney-at-law whose practice has spanned Jamaica, St Kitts and Nevis, The Bahamas and Grenada;

– Professor Delroy Hunter, who holds the Serge Bonanni Chair in International Finance at the University of South Florida and is a former Commonwealth scholar, with peer-reviewed work appearing in respected publications such as the Journal of Financial Economics; and

– Minna Israel, a seasoned financial services executive with substantial leadership and board-level experience steering strategic change at major institutions, who previously served as special advisor on resource development to the vice-chancellor of the University of the West Indies.

According to the release, the committee will help compile a shortlist of qualified contenders. From that list, a recommendation will go before Cabinet, which in turn will advise the Governor General on the appointment, in keeping with the provisions of the Bank of Jamaica Act.