In his remarks, Minister of Finance Dr Moeketsi Majoro said the inaccessibility of credit and capital is a major impediment to the development of Lesotho private sector, particularly Small-to-Medium Enterprises (SMEs). This Dr Majoro said prevented SMEs from acquiring the new technology that would make them more productive and more competitive.
He said there was an urgent need for collaborative efforts by all stakeholders to find a lasting solution to the credit needs of the sector for the identified projects from the economic labs waiting for the adequate financing, more especially the start-ups and SMEs. According to Dr Majoro, SMEs are a major component of the private sector which has been identified as the engine for growth in the overall development effort of the government of Lesotho. The minister said over 80 percent of all registered businesses in Lesotho fall within this category.
He therefore showed that the perfect entrepreneurial idea was essential before commencing business adding that the issue of finance came last. Speaking at the same forum, Minister of Development Planning, Dr Tlohelang Aumane applauded the investors and financiers for prioritising the matter of employment.
Dr Aumane said it could only be through close collaboration by those responsible that Lesotho would be a better place for doing business. He said this would help overcome the obstacle of access to finance which had been bothering people. For his part, the Director of Policy and Strategic Planning, Mahlape Ramoseme disclosed that they had identified 23 projects which required funding for their successful implementation.