According to a report by the African Development Bank Group, in 2014, Lesotho’s economy had a registered a growth of 4.3%, with an expected average growth of 4.9% over the next two years.
However, the report also highlighted the high rates of poverty, unemployment and inequality in rural areas, relative to urban areas in Lesotho, as a challenge that required urgent attention.
As Lesotho prepares to celebrate its 50th anniversary of independence, Rakuoane urged the business community to see these celebrations as a platform to transform Lesotho’s economy, in order to effect the social transformation required in the Kingdom.
“We as the people of Lesotho need to recognise that there is a need and urgency for Lesotho to transform its economy. True independence means a future that is characterised by a people that are economically and socially empowered,” he said.
During his address, the minister also highlighted the National Development Strategic Plan as crucial in achieving Lesotho’s sustainable economy, highlighting energy, tourism and agriculture as some of the key pillars in driving the Kingdom’s socio-economic growth.
“We have the capacity to produce goods and services for regional, African and global markets. We believe that this can be addressed by exploiting our comparative advantages. These advantages include our central location within South Africa, which provides access to its markets and advanced infrastructure that creates links with the rest of the world.
In addition, we also have a relatively large, young, competitive and literate human resource base, as well as the natural landscape and resource endowments that offer great prospects for a greener economy,” Rakuoane added.
He concluded, saying: “We are pleased with the outcome of this meeting which enabled us to highlight to our local business community and potential investors, that Lesotho has more to offer."
