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Lesotho's Economy in Perspective: a Review Of Lesotho’s Economy in Perspective: A Review of Major Macroeconomic Challenges The economy of Lesotho is faced with a number of challenges……….. Introduction Lesotho’s economy faces a number of employment generation and poverty challenges, some of which are not new reduction. This article provides an overview while some are recent and largely reflect the of major economic challenges that prevailed impact of the global economic crisis. These in Lesotho in 2011 and had an impact on problems need to be addressed for the Lesotho’s economic performance in the economy to be on a sustainable growth and same year even if they had been there development path, which is necessary for before 2011. Real Sector Agricultural Production Lesotho’s agricultural production has characterize the sub-sector cannot be deteriorated significantly over the years. overlooked. The subsistence nature of This is despite several attempts by Lesotho’s agriculture has failed to ensure Government to revive the sector through food security and reduce poverty for the various forms of support. The latest country. It has failed to promote the use of example is the financial assistance that was advanced and effective agricultural provided through the block farming initiative. production technologies and practices. Performance of the agricultural sub-sector Some of the factors constraining agriculture remained subdued in 2011. The Central production in Lesotho include, inter alia, Bank of Lesotho estimated that value added high production costs and lack of capital by the sub-sector contracted by 1.8 per cent resulting in a lot of arable land lying fallow in 2011 compared with an acceleration of from year to year. Lack of proper irrigation 10.9 per cent in 2010. The poor equipment and facilities have meant that performance was largely at the back of the crop production has been and remains damage to crops by the heavy rains, floods vulnerable to drought. Another pertinent and storms that were experienced during challenge over the years has been the the 2010/2011 agricultural year. Farming of inefficiency in input supply. This is animals also remained lackluster during the characterized by delays and inadequacies year. in fertilizer and seeds supply by government agencies. While the unsatisfactory performance of the agriculture sub-sector in 2011 could be Lesotho’s agricultural sector needs to be blamed on unfavorable climatic conditions, revived so that this sector could make a the long standing structural problems that meaningful and sustainable contribution to CBL Economic Review, December, 2011, No.137 Visit: www.centralbank.org.ls/publications 1 poverty eradication and economic growth. and natural biological processes to restore Improved access to capital, efficient input and improve soil fertility. This could make supply, availability of irrigation facilities and food production more sustainable, improve other agriculture related technology and well food security and reduce poverty. Green managed water resources could result in agriculture presents an opportunity for proper utilization of the arable land. Lesotho to commercialise agriculture and Promotion of green agriculture, which has move away from subsistence farming. It the potential to increase food production involves production of organic food without depleting the earth’s resources or products, for which global demand has risen polluting the environment, could be an substantially in recent years, thus option for consideration. It minimizes presenting an opportunity for Lesotho to production costs because it involves the use increase its export earnings. of location specific organic resource inputs Manufacturing Production Since Lesotho became eligible for trade operations in 2011. One other challenge benefits under the Africa Growth and threatening the sub-sector is increased Opportunities Act (AGOA) in 2000 and competition for the US market from East resumed to export to the US under the Asian countries. same in 2001, Lesotho’s textiles and clothing manufacturing sub-sector has The textiles and clothing manufacturing sub- grown substantially. Nonetheless, the road sector dominates Lesotho’s manufacturing has not always been smooth. The phasing industry and makes a substantial out of the multi-fibre agreement in 2005 contribution to employment and economic resulted in a decline in the sub-sector’s growth in Lesotho. Nonetheless, its contribution to gross domestic product sustainability and reliability are threatened (GDP) in 2005 and 2006. Recently, by its high reliance on trade preferences Lesotho’s textiles and clothing and susceptibility to external shocks. The manufacturing sub-sector has been third country provision, which allows AGOA negatively affected by the global economic beneficiary countries to source fabric for crisis and the related slump in consumer production of apparel for export to the US demand in the United States (US). from anywhere, expires in 2012. If not Consequently, the sub-sector registered extended, Lesotho’s manufacturers will no negative growth rates from 2007 to 2009 longer be able to source cheap fabric from and recovered to positive territory in 2010. Asia, hence an increase in the sub-sector’s Nonetheless, it has not recovered fully as it production costs. In addition, the current was estimated to have registered a lower AGOA term expires in 2015. If it is not growth rate of 4.4 per cent in 2011 extended, Lesotho’s exports will have to compared with 6.4 per cent in 2010. compete on an equal footing with cheaper Asian exports for the US market. The bulk of the sub-sector’s products are exported to the US. The slow recovery of The need for export product and market the US economy from the recession and the diversification by Lesotho cannot be associated low consumer demand resulted overemphasised. The high reliance on in a decline in orders for Lesotho’s textiles and clothing and on the US market manufactured textiles and clothing by US makes Lesotho highly susceptible to shocks based enterprises. Consequently, the sub- that could negatively affect exports as has sector had to reduce production and some been demonstrated by the recent recession. manufacturing firms had to close down Studies such as the “Lesotho Potential Export Diversification Study” have identified CBL Economic Review, December, 2011, No.137 Visit: www.centralbank.org.ls/publications 2 products in which Lesotho could have exports could compete in the global market comparative advantage and potential with countries like China without preferential additional markets for her products. Efforts treatment. This could be achieved by, should be geared towards attracting both amongst other things, investing in human domestic and foreign investment in such capital development to enhance labour areas. Besides, the list of AGOA eligible productivity in Lesotho’s textiles and products is long enough and diversification clothing sector, which is said to be very low could help Lesotho to reap more benefits compared with more competitive countries from AGOA before it expires in 2015. like China and Singapore. In addition, the business environment should be improved The high dependency on preferential market to make it easy for both local and foreign access for the exports of textiles and entrepreneurs to start and operate clothing needs to be reduced. Lesotho businesses in Lesotho. Provision of the should use the remaining AGOA period to necessary infrastructure could also attract strengthen her competitiveness so that her investment into Lesotho. The Fiscal Sector One other challenge that Lesotho excisable imports by all member countries. experienced in 2011 was the continued low In addition, the share that a member gets in level of Southern African Customs Union any particular year depends mostly on the (SACU) revenue, which compelled cost of insurance and freight (c.i.f.) value of Government to undertake some fiscal total imports by the member. consolidation measures. SACU revenue, which is the most significant source of The global recessionary conditions reduced revenue for the Government of Lesotho, production and employment and in turn comes from Lesotho’s membership of domestic demand in a number of the world SACU with Botswana, Namibia, Swaziland economies including SACU countries. As a and South Africa (SA). Historically, this consequence, these countries experienced source of revenue financed more than 50.0 declines in imports of goods and services per cent of the national budget. and in the sales of excisable goods, hence revenues from import and excise duties. SACU member countries levy a common The decline in the high tariff imports had the external tariff on imports from non-members biggest impact. The most significant and do not charge any duties on imports contribution to the SACU revenue pool, from each other. The SACU agreement estimated at above 90 per cent, comes from provides for a common excise tariff to the SA. Imports of goods by SA fell dramatically customs area. Import duties are charged at in 2009 and 2010. In addition, car sales, the first port of entry of imports, regardless which contribute the most to excise of their final country of destination within revenue, also plummeted, thus hurting SACU. Customs and excise duties collected collection of excise duties. Merchandise by each member at a particular period are imports by other SACU member countries sent to the pool and each financial year the also fell during the same period. common customs revenues are shared according to an agreed
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