KINGSTON, Jamaica — Minister of Finance and the Public Service Fayval Williams on Monday announced the commencement of the search for a new governor of the Bank of Jamaica (BOJ) to succeed Richard Byles on the completion of his term of appointment in August 2026.

Williams in a press release 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.

According to the release, a four-member committee has been appointed to search for a new governor. It will be comprised of:

– 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: attorney-at-law who has practiced law in Jamaica, St Kitts and Nevis, The Bahamas and Grenada;
– 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; and
– 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.

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, the release stated.