Dec. 1, 2022


2 min read

CBL advises civil servants to save money

CBL advises civil servants to save money

The Central Bank of Lesotho

Story highlights

    The bank highlights importance of investing in things that generate income
    CBL warns workers to stop sharing their small incomes with their grown children

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THE Central Bank of Lesotho (CBL) has called on civil servants to spend their money wisely on basic needs by making proper planning on their expenditures and avoiding unnecessary debts.

Head of Financial Consumer Protection Section at the CBL, Moroke Moroke, made these remarks on Monday this week, addressing civil servants drawn from various government ministries at a one-day Financial Literacy Sensitisation workshop in Mafeteng.

He advised the public workers to develop a culture of saving and investing in things that can keep generating income for their families.

Moroke further warned them to refrain from sharing their already skimpy incomes with their grown children who are old enough to take care of themselves.

“Most civil servants are in deep financial debts as they do not have the right information on how to manage their finances, hence, they incessantly borrow from financial institutions like local banks, micro finances, and loan sharks,” he said, adding that they are therefore forced to live from hand to mouth.

Analyst for Non-banks at the CBL, Molise Sethobane highlighted the importance of public workers properly managing their funds while at the same time preparing for their retirement.
The CBL, he said, is prepared to provide Basotho with information that will enable them to avoid making unnecessary debts.

“It is important to save before retirement because there is still life after phase, which requires finances,” Sethobane said, urging the workers to spend money on essential things and not entertainment.
Lerato Poosa from the Ministry of Education and Training who is due for retirement soon, said she fully comprehends how difficult life can be living with heavy debts.

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“We sincerely have to thank the CBL for providing us with this crucial financial information. Some of you who still have time in the service should invest in this information and avoid getting into debt until it is too difficult for you to get out.
“Today, we learned an important lesson about changing the way we spent our hard-earned monies and avoiding taking loans which make our lives miserable,” Poosa also said.

The workshop was organised by the CBL in collaboration with the Lesotho Institute of Public Administration and Management (LIPAM).

It was held after it was established that debts pose a serious challenge to civil servants by negatively affecting both production and the quality of their lives. - LeNA

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