The Bank of Jamaica (BOJ) is set to significantly enhance its operational capacity with the approval of two major infrastructure projects aimed at addressing its expanding needs. On Monday, the Jamaican Cabinet granted approval for a $420 million investment in the hiring of a consultant to oversee the development of a new office tower and business continuity centre. These developments reflect the BOJ’s commitment to accommodating its growing staff and ensuring uninterrupted service in the face of natural disaster risks.
New Office Tower to Alleviate Space Shortage
The new 10-storey office building, which will rise on the eastern car park of the BOJ’s Nethersole Place headquarters in downtown Kingston, is designed to address the central bank’s current space constraints. The BOJ has been struggling to house its growing workforce and has even had to lease space in the Scotia Centre to accommodate some of its employees. The new tower will provide an additional 80,000 square feet of office space, easing the burden on the current 14-storey building.
Governor of the Bank of Jamaica, Richard Byles, noted the critical need for the expansion: “At present, one-third of our staff is not housed within our headquarters, and we have leased space in the Scotia building for some of our employees. This new tower is essential for housing our expanding team and providing much-needed parking.”
The $420 million allocation will cover the cost of consulting services, including engineering, architectural planning, and soil testing for the new structure. The identity of the selected consultant remains confidential at this stage, as the preferred bidder has not yet been officially notified. The final cost of the tower, however, will depend on the design recommended by the consultant.
Enhancing Operational Resilience with a New Business Continuity Centre
In addition to the new office tower, the BOJ is also pursuing the development of a new business continuity centre. This centre, located in the former French embassy on Hillcrest Avenue, St. Andrew, was acquired for US$8 million and is part of the BOJ’s proactive strategy to safeguard its operations against emerging risks such as earthquakes and storm surges. The centre is expected to house critical systems and offices for specialized staff, along with a vault for currency distribution.
Governor Byles emphasized the importance of this facility: “Recent natural disasters have highlighted the need for a more resilient operational structure. Our existing location in New Kingston is not sufficient, and we’ve been looking for a more secure and suitable space.” The Hillcrest Avenue property, which spans 3.2 acres, is situated outside the seismic fault line that runs through the current BOJ headquarters, making it an ideal location for this crucial business continuity hub.
The new centre will require significant retrofitting to accommodate the BOJ’s specific operational needs, particularly the installation of specialized equipment for currency operations and disaster recovery. Although plans are still in the early stages, the BOJ is working with the Attorney General’s department, which currently occupies part of the Hillcrest Avenue property, to vacate the space for necessary renovations. The BOJ expects the retrofitting work to begin in the early part of next year.
Future Growth and Technological Advancements
Both projects are part of the Bank of Jamaica’s broader strategy to modernize and expand its infrastructure in line with its evolving role in regulating Jamaica’s financial sector. In particular, the new office tower will not only provide space for additional staff but also enable the BOJ to better accommodate the technological advancements needed to enhance its regulatory capabilities.
Deputy Governor George Roper explained that the new tower will maintain the architectural charm of the existing building while incorporating modern technology to boost operational efficiency. “Our goal is to ensure that the new building complements our current structure while positioning us for future growth,” he said.
With these initiatives, the Bank of Jamaica is reinforcing its infrastructure to meet the increasing demands of financial regulation and to safeguard against risks that could disrupt its operations. As the BOJ continues to expand its role within the sector, these developments will play a key part in supporting its mission to maintain financial stability and resilience in the face of evolving challenges.
