THE Central Bank of Lesotho (CBL) has challenged young people to return to their roots and to focus on the production side of the country’s economy.
May 3, 2023
2 min read
CBL urges youth to focus on production side of economy
CBL Governor, Dr Maluke Letete
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The CBL Governor, Dr Maluke Letete this week on Tuesday said during the start of the Money Month campaign that money cannot do anything unless people engage in production.
Productivity is important in the country’s economy because it has an enormous impact on the standard of living, among other things.
“I challenge young people in this country to go back to their roots and back to the production side of the economy. Lesotho is losing a lot of money to other countries, and that is unfair to the people of Lesotho. “That money is mostly spent on foreign products instead of locally produced goods. That is the whole essence of growing the economy, and unless we, the people of Lesotho, get back to the production side, it will be difficult to grow our economy,” he said.
Letete went on to say that another economic strain in the country is the growing tendency of some large enterprises collapsing due to the premature demise of their owners.
Without a succession plan, internal strife among associates can hamper operations. The company's brand image and customer response could suffer, especially if the brand was closely identified with its funders.
Letete on the other hand, believes that it is unjust for businesses to fail after the passing of the owner. He insists that financial knowledge is one of the most important keys in preventing such issues.
“We have to stand against that. Let us stand firm and deal with this issue to ensure that a business can survive even for the next 100 years. That can make a significant contribution to the growth of this country. Businesses must stand the test of time, and that can only happen when people are financially literate,” he added.
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At least 90% of Basotho are now financially included.
Under the theme “Plan your money, Plant your future,” the Lesotho Money Month programme, is an annual public awareness programme aimed at equipping members of society with the required skills to efficiently manage their personal financial resources.
The campaign is observed in over 100 nations, and because of its crucial importance for societal financial well-being, a decision was made in 2017 to expand the campaign's duration from a week to a month to ensure broader coverage.