By Neo Kolane
The Basotho Enterprises Development Corporation (BEDCO) is entering into a partnership with Lesotho Institute of Accountants (LIA) to support Micro, Small and Medium Enterprises (MSMEs) in Lesotho.
The relationship will be formalised through the signing of a Memorandum Understanding (MoU) between the two organisations on Tuesday next week.
Under the agreement, LIA will play a vital role by providing business development support services through its apprentice members.
In a statement issued yesterday, the acting chief executive officer of BEDCO, Tṥepang Tlali, said the partnership aims to enhance the growth and sustainability of MSMEs, which are the backbone of Lesotho’s economy.
Tlali said the MoU aims to strengthen the support structure of such entities by leveraging the expertise and resources of both BEDCO and LIA.
“Through this partnership, we aspire to create a more robust environment for the development and growth of MSMEs, ultimately contributing to the economic prosperity of Lesotho.
“The signing event will mark a significant milestone in fostering collaboration to enhance capacity-building efforts for MSMEs in Lesotho,” he noted.
BEDCO is a government parastatal that was established by an Act of Parliament: BEDCO Act No.9 of 1980 (as amended).
It is mandated to promote the development of Basotho-owned enterprises and indigenous entrepreneurial skills by providing capacity building interventions.
In 2022, the organisation managed to acquire funding from the African Development Bank (AFDB) to implement several programmes to support MSMEs including the commencement of an MSME development project, covering 1,350 MSMEs.
It also awarded more than 50 youth and women businesses with M100, 000 each seed capital.
BEDCO has also created partnerships with other stakeholders such as Lesotho Revenue Authority (Now Revenue Services Lesotho), Standard Lesotho Bank, Lesotho Post Bank, and Sekhametsi Consortium to assist youth-owned businesses with funds.
On the other hand, the Lesotho Institute of Accountants (LIA) was established through the Accountants Act of 1977, which gives the organisation the mandate of regulating the accountancy practice in Lesotho. “Our mission is to develop, enhance and effectively regulate the accounting profession in Lesotho through provision of internationally recognized education and training programs, as well as ensuring compliance,” the organisation says.
