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Principal unveils vision for financial sustainability
2 hrs ago – Updated
Densil A. Williams (right), principal of The University of the West Indies (UWI), Mona, speaking with Dennis Cohen (left), former deputy CEO, NCB Financial Group; Joseph Taffe (second left), former deputy CEO, Grace Kennedy Financial Group; and Professor Marvin Reid, acting deputy principal, The UWI, Mona, at The UWI’s press conference at the Council Room, UWI, Mona on January 15, 2024.
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Tuition fees for some courses at the University of the West Indies (UWI) Mona campus will likely increase in the upcoming academic year as part of a programme to earn more than $1.5 billion for the institution.
Principal and Pro Vice Chancellor of UWI Mona Professor Densil Williams yesterday (January 15) unveiled ambitious plans to cut costs and grow revenue at Jamaica’s leading tertiary education institution over the short and medium term.
“We are restructuring our business processes and organisational design to derive greater levels of efficiency and streamline our revenue-generating areas of the campus under the aegis of a transformational project Operation RTG (restructuring transformation and growth)”, Williams said at a press conference on the campus.
Principal Prof Densil Williams speaking at yesterday’s press conference. At right is Campus Registrar Dr Donovan Stanberry.
The principal said UWI Mona’s balance sheet was being restructured in the short term by revamping the fee structure of commercial operations on the campus, such as Burger King and KFC.
What’s more, the housing stock at College Common off Mona Road is to be revitalised to save $100 million annually.
While reviewing the cost of all programmes for the 2024/25 academic year, Professor Williams assured that the university would adopt an appropriate pricing mechanism to remain competitive.
Emphasising the need for a comprehensive analysis, he stated, “Some of our programmes are exceptionally underpriced, and for years, we have not been able to increase prices in a significant way.”
However, he sought to reassure stakeholders that any increases in tuition fees would be in keeping with the levels of inflation and “maybe just a small portion” of the targeted $1.5 billion.
In addition to short-term measures, Professor Williams unveiled long-term projects aimed at revenue generation. These include the establishment of a School of Global Health, Knowledge Process Outsourcing ventures in legal services, animation, and accounting, as well as an institute for short-cycle courses that allow participants to earn credits towards degrees.
Further, the announcement included the creation of an infrastructure development fund. This fund will support initiatives such as the development of sporting facilities, including a grandstand at the Mona Bowl and the nurturing of international athletes for global market trade.
Long-term plans also encompass a massive upgrade of the library, construction of new lecture theatres and classrooms, a Campus Centre, and the establishment of a museum.
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