University Enriches Society
F or 60 years, The UWI, Cave Hill Campus has been a beacon of hope and opportunity for thousands of students from Barbados and the Caribbean. Not only has it opened doors to higher education for many who would otherwise not have access to such, but it has also produced some of the most influential leaders and professionals in the region. The campus has also been a major driver of economic and social development in Barbados, contributing millions of dollars to the local economy, enhancing the skills and incomes of its graduates, and supporting various cultural and community initiatives. These are some of the findings of a recent study by Deputy Principal Professor Winston Moore , who shared his insights in a lecture titled “Valuing the Impact of The UWI Cave Campus” as part of the 60 th Anniversary Legacy Lecture Series last April.
Moore, a former senior economist at the Central Bank of Barbados , used three methods to capture the campus’s impact: the economic base , which looks at how the university’s spending creates jobs, income and tax revenue; the skills base, which measures the value of the additional skills acquired by the university and their effect on graduates’ earnings; and the existence value, which captures the value of the university’s involvement in cultural, sporting and other community activities. According to Moore, the campus was expected to contribute BDS$325 million to the Barbadian economy in the 2022-2023 academic year, with $38 million coming from foreign exchange earned from foreign student enrolment. He also estimated that the campus generates BDS$3.42 for every dollar invested by Caribbean governments. But beyond the numbers, Moore highlighted the personal stories of students whose lives have been transformed by the campus. He shared his own experience of being the first in his family to attend university and how his mother supported his decision to pursue higher education. “I think those are the stories that we miss when we look just at the numbers, and hence why I wanted to pull them out first … that is the real contribution of the university,” he added while pointing out the
significant income premium that university graduates enjoy. Moore called on the campus to explore more avenues for innovation and entrepreneurship and to collaborate more with the private sector and other stakeholders to address the challenges and opportunities facing the region. H e said the campus has a vital role to play in shaping the future of Barbados and the Caribbean and that its impact will continue to grow beyond its 60th anniversary . u
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