The Bank of Jamaica (BOJ) has announced a significant step towards expanding its operations, securing Cabinet approval for a $420 million budget to hire a consultant for the development of a new office tower and car park at its headquarters on Nethersole Place, downtown Kingston. This approval marks the beginning of an ambitious expansion plan to support the central bank’s evolving role in regulating the nation’s entire financial sector.
The proposed 10-storey office building will add 80,000 square feet of office space, easing the strain on the BOJ’s current headquarters, which is insufficient to accommodate its growing workforce. According to Richard Byles, the BOJ’s governor, a third of the bank’s staff is currently housed offsite, in leased spaces such as the Scotia building, highlighting the urgent need for more office capacity. The new tower will also include additional parking facilities to address the logistical challenges the bank faces in its current location.
The $420 million earmarked for the consultancy will cover the technical aspects of the project, including architectural design, engineering, and necessary soil testing. The full cost of the building, however, remains undetermined, as it will depend on the consultant’s recommendations. The identity of the selected consultant has not been disclosed, as the firm has not yet been officially informed of its selection.
George Roper, deputy governor responsible for finance, technology, and administration at the BOJ, shared that the new building would mirror the aesthetic and functionality of the existing headquarters. However, it will be slightly smaller in terms of floors to accommodate the bank’s operational needs while considering technological advancements that may enhance operational efficiency in the future. In addition to office space, the new structure will feature a vault designed for storing cash distributed by the BOJ.
While plans for the new tower progress, the BOJ is also working on a business continuity centre, aimed at improving its resilience to external risks. Located at the former French embassy on Hillcrest Avenue, Liguanea, St Andrew, this new centre will help the BOJ address the growing concerns over natural disasters, particularly earthquakes and storm surges, which have increasingly affected Jamaica in recent years. The bank purchased the property for US$8 million, and while the building itself is substantial, retrofitting will be necessary to accommodate specialized operations, including computer equipment and currency vaults.
The Hillcrest Avenue property offers a distinct advantage over the BOJ’s current location in New Kingston, which sits on a small plot of land near a fault line, with limited parking and inadequate facilities for currency operations. The new property spans 3.2 acres, providing ample space for development and strategic positioning near essential services such as hospitals and police stations. This strategic move is part of the BOJ’s long-term plan to ensure its operations remain resilient, even in the face of natural or technological disruptions.
Though the new business continuity centre is still in its planning stages, the BOJ views it as a critical investment in securing its future operations. Roper emphasized that the new site offers a more secure and functional environment, addressing both the bank’s operational needs and its commitment to enhancing Jamaica’s financial stability.
As these projects unfold, the BOJ continues to make strategic investments to support its expanded role in regulating the financial sector, ensuring it remains equipped to handle future challenges and contribute to the stability of the Jamaican economy.
