Maseru, Nov. 28 — A decline in economic growth for the past two years means Lesotho is officially in recession.
This, was said by one of the Local Economists Mr. Majakathata Thakhisi Mokoena in an interview with the Agency when commenting on the 2025/2026 mid-term budget review, which was presented in the joint sitting of Parliament by the Minister of Finance and Development Planning Dr. Rets’elisitsoe Matlanyane a few days ago.
Mr. Thakhisi said it is high time the country becomes independent based on the fact that there’s uncertainty in renewal of the African Growth and Opportunity Act (AGOA) by the United States (US).
“The country has its own factory buildings and should run the textile industry by itself instead of depending on foreigners’ he added.
He also said the government should refrain from overspending the budget, emphasising the need to review governance as the country cannot rely on current systems.
Meanwhile, Dr. Matlanyane revealed that the new US tariffs on exports and ongoing challenges in the textile and mining sectors are major growth impediments, resulting in a decline in economic growth by 1.3 percent from the previous 3. 4 percent estimate quoted in the current year budget estimates. . . .
