First Press Conference For 2024: UWI Mona unveils Transformational Restructuring Initiatives

Prof. Densil A. Williams, Pro Vice-Chancellor and Principal and Dr Donovan Stanberry, Campus Registrar of the Mona Campus addressing the first Press Conference for 2024 hosted on January 15, 2024 at 10 am in the Council Room, The Senate Building, The UWI Mona Campus.

“Our Mission is to be the ‘Knowledge Powerhouse for Human Capital Development in Jamaica and the wider World, that will facilitate a National Innovation Eco-system fit for purpose for a 21st Century Society and Economy,”’ these were among the powerful words used by Pro Vice-Chancellor and Principal, Professor Densil A. Williams as he outlined his vision for The UWI Mona at the first press conference for 2024.

In a press conference held on Monday, January 15 at The UWI Mona Campus, Professor Densil A. Williams, who assumed the role of Principal on August 1, 2023, outlined a comprehensive vision for the institution's future, centered around a transformative ethos. Among the major transformational initiatives were the restructuring of business processes, restructuring Mona’s balance sheet to free up liquidity in the short-term, revamping Mona’s pricing and fee structure for general commercial operations across the campus and the monetizing our physical assets to generate revenues and reduce costs. Speaking to the restructuring of business processes and organizational design, Prof. Williams stated this is being done “to derive greater levels of efficiency and streamlining of the revenue generating areas of the campus under our transformational project dubbed: Operation Restructuring, Transformation and Growth (Operation RTG). In this regard he expressed gratitude to private sector partners; Dennis Cohen, former Deputy CEO of the NCB Financial Group and Joseph Taffe, former Deputy CEO of Grace Kennedy Money Services. These two finance experts are serving as partners, Chairman and deputy Chairman of the Operation RTG. Prof Williams thanked them for their support in advancing the campus's transformation, while emphasizing that private sector collaboration is pivotal in achieving the desired outcomes. “We really want to thank them because they have offered their services to The UWI and they are doing it pro bono,” Prof Williams added.

Addressing financial Restructuring, Professor Williams said with a focus on short-term liquidity, the campus aims to save at least $400 million annually through strategic balance sheet restructuring. He also noted that on review of pricing structures it will be necessary to revamp certain pricing and fee structures for general commercial operations across the campus. “We hope to generate about J$1billion from this exercise starting AY 2024/2025. Our self-financing programmes now account for some J$2.5billion to our bottom-line as a campus but they need to be properly streamlined and structured to gain greater value,” Prof Williams shared.
Streamlining Self-Financing Programmes
With an annual contribution of $2.5 billion to the bottom line, the campus is working on optimizing the value derived from self-financing programs and engaging in asset monetization. Deliberations on monetizing physical assets, such as the housing stock in College Commons, he said, are underway. Revitalizing this infrastructure is anticipated to save an additional $100 million annually.

Professor Williams concluded these points by expressing optimism about the transformative journey ahead and the positive impact it will have on the UWI Mona Campus' role as a catalyst for knowledge, innovation, and societal advancement.