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Richard Byles will step down as Governor of the Bank of Jamaica after a successful tenure of seven years.

He took office in August 2019 after distinguishing himself both at the Pan Jam Group and Sagicor Group Jamaica.

Maurice Facey, who was the patriarch of the Pan Jam Group, always spoke most favourably of Byles and his ability to both manage and steer multi-faceted businesses.

Those who worked with him at Sagicor cite his management skills and his ability to chart the right course.

His appointment as Governor of the Bank of Jamaica was universally accepted, with many deeming him a safe pair of hands. There was no circumspection, no voices of disapproval, just a tacit acceptance that the right choice was made.

Richard Byles did not have time to find his way and ease into the job. Before he knew his way around Nethersole Place, he had to contend with COVID and the shuttering of both the world and the Jamaican economy.

It was a baptism by fire.  He would have to be a leader of fortitude and resilience. The staff at the Bank of Jamaica must of wondered what he was made of. They were watching.

Richard Byles is a man who keeps his cool. His level of sangfroid is a defining feature of his character. He never transmits panic.

He astutely adjusted monetary policies, making it the Bank of Jamaica’s mission to stabilise the financial system in a time of crisis.  He held and lowered the policy rate to aid economic recovery. He purchased government and financial institution bonds in an effort to keep cash flow going and ensure liquidity.

In recent years, Trinidad has been afflicted by foreign exchange problems.. Jamaica never suffered that fate. Byles and his team saw to it that there was always foreign exchange support, with international reserves at this time standing at US$3.6 billion and climbing.

COVID did see exchange rate depreciation but not precipitously; it was never calamitous.

What must be borne in mind is that the pandemic meant foreign exchange earnings from tourism fell by 65 per cent, with a spike in inflation.

Jamaica’s external accounts were not severely impacted and capital adequacy ratios remained above regulatory requirements.

A point of note here is that between 2020 and 2021, USD liquidity was above 7 per cent of GDP while JMD liquidity was 4 per cent of GDP.

The Bank of Jamaica took the decision to increase the policy rate by 650 basis points between 2021 and 2022. In 2022, the Central Bank spent US$1.5 billion through the Bank of Jamaica  Foreign Exchange Intervention Tool (B-FXITT). 

Byles saw inflation returning to its target range faster than most in the region.

Jamaica may not appreciate it now, but the annals of history will judge both Richard Byles as Governor of the Bank of Jamaica and Dr Nigel Clarke as Minister of Finance favourably when the country faced economic and financial calamity due to the COVID pandemic. They both saw to it that the country was able to weather the storm.

This may well be Richard Byles’ abiding legacy. 

Now 75, he is stepping away from the Central Bank, and the question is who can replace him and what qualities must that person possess?

The last three Governors ( Latibeaudiere, Wynter, Byles) were not career central bankers, having spent many years at the Bank of Jamaica before ascending to the top job.

 Dr. Wayne Robinson 

For many years, Dr. Wayne Robinson who is now the Senior Deputy Governor has done a good job at Nethersole Place. 

Maybe it is time to recruit the next boss from within the Bank of Jamaica. Dr. Robinson knows how the institution works and is familiar with its senior management cadre. He is very good at econometric modelling and forecasting. He is well versed on monetary policies. He has been at the Bank of Jamaica for more than two decades and is highly respected.

Perhaps it’s time to tap him on the shoulder and move him from the Number 2 position to Number 1. He deserves it and it would signify continuity with the known rather than go on a flight of fancy with the unknown. 

Dr. Adrian Stokes

Dr. Adrian Stokes is highly rated and he has to be part of the conversation when potential Governors of the Bank of Jamaica is mooted.  An economist by training, he holds both a PhD and MBA. He has held senior positions at both JMMB and Scotia Group Jamaica. Still in his early 50s he could be the Governor of the Bank of Jamaica for at least a decade, thus bringing stability to the position.

He is well regarded by both major political parties and his expertise is sort on a number of national issues.

Dr. Stokes now serves as Chairman of the Education Transformation Oversight Committee (ETOC), a public sector role that lends credence to his bona fides for his potential appointment as Governor of the Central Bank.

In 2022, Dr. Adrian Stokes stepped down as Scotia Group Jamaica’s Head of Insurance and Wealth to become a principal and the CEO of Quantas Capital, an alternative asset management company.

Still a relatively new venture, he may be more inclined to invest his energies building that business where he has equity rather than take a full time pub lic sector posting. 

Courtney Campbell 

Courtney Campbell has gone from strength to strength. He is a man known for his moral fibre and financial acuity. This combination makes him a contender for the coveted position as Head of the Central Bank. 

Campbell who was the CEO of GraceKennedy Financial Group also once headed NCB’s Retail Banking Division. 

Today he serves as VM Group’s President and CEO.  He has done a tremendous job making VM a major financial force in Jamaica. There was a chasm between VM and Jamaica National with the later seen to be some distance ahead. Now it is said VM under Courtney Campbell is closing the gap and giving Jamaica National cause to look over its shoulder. Courtney Campbell joined the VM Group in 2016.  In a decade he has totally transformed VM and positioned it to be a major competitor in mortgages, savings, real estate and investments.

Courtney Campbell may relish the challenge of being Jamaica’s next Governor of the Bank of Jamaica. He enjoys the respect of the financial community and many would see him as a judicious appointment.

Aubyn Hill

It has been said that Senator Aubyn Hill could readily step into the position of Governor of the Bank of Jamaica. A career banker, he has experience of heading a big financial institution both in Jamaica and internationally.

He is now the Minister of Industry, Investment and Commerce and has done a good job there, pressing for greater exports and looking for new markets for Jamaican goods and services. 

With an MBA from Harvard Business School, he has worked in the private sector for close to 40 years. He has headed the Burgan Bank in Kuwait and the National Bank of Oman. 

When Michael Lee Chin purchased NCB back in 2002, it was Aubyn Hill he appointed as the Managing Director. Hill played an instrumental role in turning around NCB and setting it on the path to become Jamaica’s most successful financial institution.

Some say he is too politically aligned and therefore his judgement could be questioned. Hill is first and foremost a banker; that has been his training and formed a large part of his career. He is no rabid political hound bound to ideology. 

His experience and understanding of financial systems could be brought to bear here. 

Chris Zacca 

Chris Zacca has performed at the highest level across different industries in a career spanning over thirty years.

He is currently the President and CEO of Sagicor Group Jamaica, one of the country’s leading financial institutions.

His resume is indeed impressive. He has distinguished himself both in the private sector and the public sector.

This may very well be what makes him a good choice to become Governor of the Bank of Jamaica.

Zacca was a Vice President at Red Stripe, Managing Director of ATL Group, CEO of Air Jamaica, Deputy Chairman of Sandals Resorts, and Deputy Chairman of the Jamaica Observer. 

On the public sector side, he has served as Chairman of the Development Bank of Jamaica and Chairman of the National Health Fund. He has been a Special Advisor to the Prime Minister of Jamaica.

He is also one of the longest-serving past Presidents of the Private Sector Organisation of Jamaica. 

What Zacca brings is a diverse understanding of Jamaica’s economic landscape. His forte is not just banking per se but running and helming businesses as well as making national contributions to his country.

As well as an M.B.A., he holds a degree in Engineering from MIT. 

Being appointed Governor of the Bank of Jamaica may be Zacca’s final piece of the jigsaw puzzle of an illustrious career.

Now 65 and with all that he has accomplished he can finish as a senior public servant with not shareholders top of mind but the people of Jamaica. His father Edward Zacca who was  Chief Justice of the Jamaica Supreme Court was an exceptional public servant, highly regarded. It would be a fitting part of Chris Zacca’s  story if he could cap his career contributing to Jamaica in this esteemed position of trust and responsibility. 

Anya Schnoor 

Every assignment Anya Schnoor has been given, she has excelled at. She is one of Jamaica’s most successful bankers and is now Scotiabank’s Executive Vice President, Global Insurance. That’s at head office in Canada, not Jamaica. No Jamaican readily springs to mind who has held such a senior international banking position with a AAA-rated financial institution. We are talking big league here.

Anya Schnoor was a rising star at Eagle Unit Trust before going on to make a mark at Pan Caribbean Merchant Bank in 1998. She joined Scotia Group in 2006 and the following year became the CEO of Scotia DBG Investments.

In 2010, she was promoted to Executive Vice President of Scotia Group Jamaica. Two years later, her talent and abilities were again recognised with another promotion, this time to Managing Director of Scotiabank Trinidad& Tobago, a position she held for five years.

Her progress was noted; Scotia’s parent appointed her as Executive Vice President, Caribbean Central America & Uruguay, International Banking, thereby widening her ambit beyond the Caribbean islands.

This was a declaration of faith by one of the world’s leading financial institutions. Anya Schnoor made good locally and regionally, and she went on to do so internationally in a senior capacity. 

In November 2024, she was again promoted, this time to Executive Vice President, Global Insurance. This was a significant step up.

In some respects, parallels can be drawn with Canadian Prime Minister Mark Carney. He worked for 13 years at Goldman Sachs before going on to become the Governor of the Bank of Canada and then later the Governor of the Bank of England.

Would Anya Schnoor heed the call from her country if it was made? She is personable and can get along with and work with professionals from different backgrounds. This significant move into the public sector would be a major step for someone who has spent 31 years in the private financial sector.