Analysis Guides

Who Runs Jamaica’s Economy, the Key Players in 2026

By Lachlan Williams · October 21, 2026 · 12 min read

JAMAICA · ECONOMY

Key Facts

—The country Jamaica is an English-speaking island of 2.84 million people. Its economy produced US$22.7 billion in 2025, or about US$8,000 per person, according to the World Bank.
—The shock Hurricane Melissa, a Category 5 storm, struck on 28 October 2025. The government’s planning institute puts damage and losses at US$12.2 billion, or 56.7% of 2024 output.
—Where the money comes from Tourism, remittances from Jamaicans abroad, bauxite and alumina, and outsourced services earn most of the foreign currency. Remittances reached US$3.12 billion in the year to March 2026.
—The banks NCB Financial Group, controlled by Michael Lee-Chin’s Portland Holdings, is the biggest financial group, with J$2.43 trillion (about US$15.3 billion) in assets in June 2026.
—The deals Royal Caribbean will buy half of Sandals for about US$3 billion. Scotiabank is taking Scotia Group Jamaica private at J$75 (about US$0.47) a share.
—Prices and rates Inflation was 8.6% in September 2026, above the 4% to 6% target. The Bank of Jamaica’s policy rate stood at 6.00% after its 28 September decision.
—Still open Russia’s Rusal is reported to be seeking buyers for its Windalco alumina plant. Sagicor Jamaica shareholders vote on a group reorganisation on 28 October 2026.

The Jamaica economy matters to Americans because 71.2% of the island’s stopover visitors in 2024 came from the United States.

A few banks, hotel owners, bauxite producers and state bodies decide how it recovers from Hurricane Melissa. This guide names them and their owners.

White sand beach and calm turquoise bay at Ocho Rios, Jamaica, with a hotel tower and catamarans in the distance — Tourism is Jamaica’s largest earner. A beach at Ocho Rios on the north coast. (Photo: Jimfbleak, CC BY-SA 3.0, via Wikimedia Commons)

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The Jamaica Economy in Numbers

The Jamaica economy produced US$22.7 billion in 2025, and the island had 2.84 million people, according to the World Bank. That works out at about US$8,000 per person.

Services make up 59.8% of output, industry 16.3% and farming 8.7%, the World Bank’s 2025 data show. Goods exports earned US$1.69 billion in 2025, well below what tourism and remittances bring in.

Hurricane Melissa made landfall near New Hope in western Jamaica on 28 October 2025, according to the US National Hurricane Center. It was the strongest hurricane on record to make landfall in Jamaica.

The Planning Institute of Jamaica (PIOJ), the government’s economic planning agency, puts damage and losses at J$1.952 trillion (about US$12.2 billion). That equals 56.7% of 2024 output, and more than four times the cost of Hurricane Gilbert.

The statistics office, STATIN, reports that output fell 2.9% in April to June 2026 against a year earlier. The PIOJ expects a further fall of 0.5% to 1.5% in July to September 2026, then a return to growth in October to December.

Unemployment was 3.4% in July 2026, according to STATIN’s labour survey. Inflation was 8.6% in September 2026, above the Bank of Jamaica’s target range of 4% to 6%, as Rio Times reported.

Trade in Kingston: a wholesale shop in the downtown area. (Photo: Ralf Steinberger, CC BY 2.0, via Wikimedia Commons)

Government and Regulators Who Steer the Economy

Andrew Holness is prime minister. He was sworn in for a third straight term on 16 September 2025, after his Jamaica Labour Party won the 3 September election.

His government sets the budget that steers the Jamaica economy. Fayval Williams is minister of finance and the public service, and she tabled new revenue measures worth J$29.439 billion (about US$186 million) in February 2026.

Debt stood at 62.4% of output at the end of the 2024/25 fiscal year, which ends in March. The Independent Fiscal Commission, the official fiscal watchdog, put it at 65.6% at the end of March 2026 on preliminary data.

The storm’s fiscal cost was put at 5.3% of output. On that basis the House voted on 2 December 2025 to suspend Jamaica’s fiscal rules for one year.

The Bank of Jamaica (BOJ) is the central bank, and Brian Langrin became its twelfth governor on 19 August 2026. Its policy rate stood at 6.00% after the 28 September 2026 decision.

Outside lenders are also players.

The International Monetary Fund approved US$415 million on 16 January 2026. Five multilateral lenders offered up to US$6.7 billion over three years.

One state fund matters more than most. On 5 June 2026 the Senate approved an annual transfer of J$11.4 billion (about US$72 million) from the National Housing Trust to support the budget.

Banks and Insurers Hold the Financial Core

NCB Financial Group (NCBFG) is the biggest financial group on the island by assets. It has three subgroups: National Commercial Bank Jamaica, Guardian Holdings and Bermuda’s Clarien Group.

Its annual report counts customers in more than 20 Caribbean markets.

Its total assets were J$2.43 trillion (about US$15.3 billion) on 30 June 2026.

It earned J$18.6 billion (about US$117 million) in the nine months to June, down 39%. The prior year included a gain from selling a subsidiary.

Control sits with Michael Lee-Chin, the group’s chairman. His Portland Holdings of Canada owns AIC (Barbados) Limited, which held 46.24% of NCBFG on 30 September 2025.

NCBFG is changing chief executive, and Robert Almeida left on 30 September 2026.

The group’s chief operating officer is acting chief executive. Julian Mair, a former Jamaica Stock Exchange chairman, starts on 17 November 2026.

Scotia Group Jamaica had J$774 billion (about US$4.9 billion) in assets in October 2025 and is described by the Gleaner as the island’s second-largest bank. Scotiabank Caribbean Holdings owns 71.78% and offered J$75 (about US$0.47) a share to buy out the rest.

Minority holders voted in favour on 7 October 2026, with about 97% of the share units voted backing the deal, by a preliminary count. The sale still needs court approval and is due to close in the fourth quarter of 2026, which would end the bank’s listing.

Sagicor Group Jamaica is the third big name, with J$724.87 billion (about US$4.6 billion) in assets in June 2026. Sagicor Financial Company ultimately holds 49.11%, and Pan Jamaica Group, chaired by Stephen Facey, owns 30.23%.

Shareholders vote on 28 October 2026 on a plan to put Sagicor Jamaica under a new Barbados holding company, Sagicor Group Caribbean. That company would then acquire Sagicor Life Inc.

JMMB Group, led by group chief executive Keith Duncan, had J$761.6 billion (about US$4.8 billion) in assets at 31 March 2026. Its largest holder is Proven Group, with 20.01%.

Money From Abroad: Remittances and Outsourcing

Remittances, money sent home by Jamaicans abroad, totalled US$3.12 billion in the fiscal year to March 2026, Finance Minister Williams said on 16 September 2026. December 2025 was the largest month on record, with US$296 million.

The World Bank’s wider measure of personal remittances was US$3.70 billion in 2025.

Business process outsourcing, which means call centres and back-office work for foreign firms, is the other earner. Minister Aubyn Hill said on 30 September 2026 that sector earnings fell from about US$1 billion to US$750 million.

Hill urged the sector to move into higher-value knowledge services. Tourism and remittances remain far larger earners.

Tourism: The Hotel Owners and the Airports

Tourism is the largest earner, as Rio Times reported. The Ministry of Tourism says the sector earned US$4.3 billion in 2024, and the Jamaica Tourist Board counted 4,152,990 visitors, including 2,900,358 who stayed overnight.

Of the overnight visitors in 2024, 2,066,463, or 71.2%, came from the United States. Hotel rooms numbered 26,427 that year in the board’s count.

Tourism Minister Edmund Bartlett said on 2 September 2026 that Jamaica had 2.34 million visitors and US$2.5 billion in earnings to 31 August. That was 17% fewer visitors and 18% less revenue than a year earlier, with about 70% of rooms open.

Sandals Resorts International is a Jamaican-founded hotel group, and Adam Stewart is its executive chairman.

On 23 September 2026 Sandals and Royal Caribbean Group agreed a 50-50 partnership in Sandals and Beaches Resorts. Royal Caribbean will invest about US$3 billion, and the deal is due to close in early 2027.

The Spanish chain RIU runs seven hotels in Jamaica, the prime minister said on 18 June 2026, up from one in Negril in 2001. Iberostar, Bahia Principe and Hyatt have hotels due to reopen by early 2027.

Sandals South Coast is due to reopen 392 rooms in November 2026, and Sandals Montego Bay returns in December. More than 11,000 rooms are due back in 2026 and 2027, the government said on 15 September.

Sangster in Montego Bay is run by MBJ Airports Limited and Norman Manley in Kingston by PAC Kingston Airport Limited, under concessions. The state Airports Authority of Jamaica still owns both.

The transport minister put the capital programme for the island’s airports at US$372 million for 2026 to 2029, he said in July 2025.

Palm trees and rows of blue sun loungers on the beach at the Riu hotel in Ocho Rios, Jamaica — The beach at the Riu hotel in Ocho Rios, photographed in 2010. (Photo: Wu Diwen, CC BY 3.0, via Wikimedia Commons)

Bauxite and Alumina: Foreign Owners, Public Stakes

Bauxite is the red ore from which alumina, the raw material for aluminium, is made. Mining Minister Floyd Green said on 13 May 2026 that bauxite and alumina earned US$612 million in 2025.

Mining is about 2% of output but drives 85% of traditional exports, he said. Four sets of owners matter:

Jamalco in Clarendon: Century Aluminum of the United States owns 55% and the Government of Jamaica owns 45%.
Windalco: wholly owned by Russia’s Rusal since 2014, when the government sold its last 7% for US$11 million. The Gleaner reported on 25 September 2026, citing Bloomberg, that Rusal is seeking buyers.
Alpart in St Elizabeth: owned by China’s JISCO and shut since 2019. Green told the House on 7 July 2026 that JISCO plans a US$490 million first phase, with an official launch targeted before June 2027.
Discovery Bauxite in St Ann: mines ore and ships it to a refinery in Louisiana, according to the Gleaner.

A red Kaiser Bauxite power shovel loading a dump truck at an open bauxite pit cut into forest in Jamaica — A power shovel loads bauxite ore in a Jamaican mine, in a 1984 photograph. (Photo: Paul Morris, CC BY-SA 2.0, via Wikimedia Commons)

Food, Drink and Consumer Groups

GraceKennedy is one of the island’s best-known conglomerates. It had revenue of J$93.1 billion (about US$587 million) in the first half of 2026, and it owns First Global Bank.

No single investor controls it, and the largest holder on 30 June 2026 was Resource in Motion Limited with 7.17%. Frank James is group chief executive, and Gordon Shirley is chairman.

Seprod, a food maker, had revenue of J$152.3 billion (about US$960 million) in 2025. Two Musson companies hold about 32% together, and the Coconut Industry Board holds about 18%.

Paul B. Scott is Seprod’s chairman and Richard Pandohie is its chief executive.

Wisynco, the drinks maker, had revenue of J$65.3 billion (about US$412 million) in the year to June 2026. A new special consumption tax on sweetened drinks began on 1 May 2026.

William Mahfood is Wisynco’s chairman and Andrew Mahfood is its chief executive.

Jamaica Broilers, the poultry group, had revenue of J$74.6 billion (about US$470 million) in the year to 2 May 2026. Robert Levy held 8.4%.

J. Wray & Nephew, the Jamaican rum maker, joined Italy’s Campari Group in 2012, the company says. LASCO Manufacturing’s two biggest holders are East West (St. Lucia) Limited with 48.28% and the estate of its founder Lascelles Chin with 30%.

Power, Fuel, Ports and Cement

Jamaica Public Service (JPS) is the island’s main electricity utility. Japan’s Marubeni and Korea East-West Power each own 40% through holding companies.

The Government of Jamaica holds 19.9%, and JPS served about 710,000 customers in 2025.

JPS earned a profit after tax of US$29.0 million in 2025, down from US$61.9 million in 2024. JPS generates about one-third of the nation’s electricity.

Petrojam, the state-owned refinery, plans sales of 12.21 million barrels in 2026/27. Daryl Vaz is the minister responsible for energy, transport and telecommunications.

The Kingston Freeport Terminal is a subsidiary of France’s CMA CGM, under a 30-year concession from 2016. Caribbean Cement is 65.65% owned by TCL (Nevis) Limited, part of the Trinidad Cement group, of which Mexico’s Cemex is the majority shareholder.

The National Water Commission applied for a tariff rise on 16 October 2026, the Office of Utilities Regulation said on 20 October.

What It Means for US Readers

Americans are the customers behind much of this economy, so hotel reopening dates matter to travellers. About 70% of rooms were open on 2 September 2026, and more than 11,000 rooms are due back in 2026 and 2027.

For investors in the Jamaica economy, the Jamaica Stock Exchange lists many of the groups named here. Scotia Group Jamaica and Sagicor Jamaica both face ownership changes that affect minority holders.

Royal Caribbean Group and Century Aluminum are the main American names in this story. For more, see the Rio Times Jamaica hub, the country guide, the debt story and the geopolitics explainer.

What Is Not Known

Rusal has not said whether it will sell Windalco, and no buyer has been named. The court has yet to approve the Scotia buyout, and Sagicor shareholders vote on 28 October 2026.

The Royal Caribbean and Sandals deal has not closed, and completion is expected in early 2027.

The final hurricane bill is still being counted, and the PIOJ expects the Jamaica economy to grow again only in October to December 2026. Whether JISCO restarts Alpart on schedule is also open.

Frequently Asked Questions

How big is the Jamaica economy?

The Jamaica economy produced US$22.7 billion in 2025, or about US$8,000 per person, according to the World Bank. Output fell 2.9% in April to June 2026 after Hurricane Melissa.

Who owns the biggest bank in Jamaica?

NCB Financial Group is the biggest financial group, and AIC (Barbados) Limited held 46.24% on 30 September 2025. Michael Lee-Chin’s Portland Holdings owns AIC (Barbados).

Is Scotia Group Jamaica being sold?

Scotiabank Caribbean Holdings owns 71.78% and offered J$75 (about US$0.47) a share for the rest. Minority holders voted in favour on 7 October 2026, and the deal needs court approval.

Does Royal Caribbean own Sandals?

Not yet. Royal Caribbean Group agreed on 23 September 2026 to take 50% of Sandals and Beaches Resorts for about US$3 billion, with closing expected in early 2027.

Who owns Jamaica’s bauxite and alumina plants?

Century Aluminum owns 55% of Jamalco and the Government of Jamaica owns 45%. Russia’s Rusal owns Windalco, and China’s JISCO owns the idle Alpart refinery.

What is the Jamaica economy outlook for late 2026?

The Planning Institute of Jamaica expects output to fall 0.5% to 1.5% in July to September 2026. It expects growth to return in October to December 2026.

What is the Jamaican dollar worth against the US dollar?

The Bank of Jamaica’s rates on 20 October 2026 were J$157.86 to buy and J$159.41 to sell per US dollar. Its policy rate was 6.00%.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

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