Metro Rate Cards

Lesotho to hold first wool, mohair auction

Lesotho Wool Centre

Nov. 15, 2018 1 min read

1 min read

Lesotho is scheduled to hold its first auction of wool and mohair next week after introducing new regulations it says are designed to boost the local industry. Under the regulations, which came into effect in September, farmers are obliged to sell their product at the Lesotho Wool Center. Sales were previously conducted at Port Elizabeth in South Africa via wool brokerage BKB.

Besides attracting foreign buyers to the country, farmers will benefit from reduced transport costs, Deputy Prime Minister Monyane Moleleki said on a visit to the wool center last week. The Lesotho National Wool and Mohair Growers Association argue the center, managed by Stone Shi, a private businessman, amounts to a monopoly. The association, which has about 35,000 members, is also opposed to the introduction of a licensing system. Some farmers are therefore opposing restriction on sales to wool center.

Enjoy our daily newsletter from today

Access exclusive features and newsletters, along with previews of new media releases.

Metro News Digital

Get Your Online Newspaper

The government says new regulations will boost local industry. Wool and mohair are Lesotho’s main agricultural exports, with wool sales in 2016-17 amounting to about 480 million rand ($33 million).- Bloomberg.

Share this story


Loading Question

Related Stories