{"id":11349,"date":"2022-03-11T09:06:06","date_gmt":"2022-03-11T09:06:06","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/driving-economic-growth"},"modified":"2022-03-11T09:53:15","modified_gmt":"2022-03-11T09:53:15","slug":"driving-economic-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/driving-economic-growth","title":{"rendered":"Driving economic growth"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>EVEN at a young age, Relebohile Sefako has always been fascinated with the concept of making money. His father, who went on early retirement as a police officer, ran a grocery store in Ha-Thetsane in the 1980s.<\/p>\n

And so at very close range, he would see how his father would buy goods in large quantities and sell for a profit. It was a decent family business that ensured they enjoyed an average life in the city.<\/p>\n

But beyond maintaining the family, the venture planted a seed in young Sefako \u2013 to run his own businesses later in life. It was no surprise then that when he was a student at the University of Cape Town (UCT) in the late 1990\u2019s, Sefako ventured into business although at a very rudimentary level.<\/p>\n

Here was a Mosotho child, some 1 100km away from home, who was running a \u201csuccessful\u201d tuck-shop at the campus. He would sell sweets \u2013 bars of chocolates and other delicacies \u2013 to fellow students.<\/p>\n

That business thrived, thanks to the lessons he had imbibed years back at the family shop in Lesotho. \u201cI understood the concept of making money,\u201d he says.<\/p>\n

When he completed his Electrical Engineering degree studies at UCT, Sefako came back home. He thought he had the world at his feet. As an engineer, Sefako got a job at the Lesotho Highlands Development Authority (LHDA), which was the employer of choice at the time.<\/p>\n

He earned a good salary and had very little family obligations. And yet he still ran other side businesses to \u201cmake more money\u201d. Sefako, together with a friend, ran a small money lending business in Maseru.<\/p>\n

The business made decent profits. It was that friend who first told him about Sekhametsi Investment Consortium. However, the friend never invested in Sekhametsi.<\/p>\n

Some 15 years later, his wife sold some of her shares for a couple of millions. \u201cThere was a lot of scepticism,\u201d he says. When it came to putting in his money to buy the shares, Sefako also had big doubts about the whole venture.<\/p>\n

\u201cAm I really parting with my money? For what? So I paid half of what I had pledged, just in case I lost.<\/p>\n

\u201d In the end, what Sefako put in as an investment was money that he was \u201chappy to lose\u201d.<\/p>\n

At that time, there was a general sentiment that \u201cBasotho things\u201d never work and that Basotho could never work together in business. The end result would be constant fights that often upended businesses.<\/p>\n

It was these sentiments that stirred deep feelings of scepticism within Sefako when he was about to invest. And yet, he still felt a certain urge to \u201cthrow the fishing line\u201d into the water.<\/p>\n

The very thought of owning a small chunk of Vodacom shares was too enticing to let go. There were very few cellphones then but still he knew deep down that this investment represented the future given the technological trends elsewhere.<\/p>\n

\u201cI was putting a hook into the water and felt that if I catch fish, I catch fish and if I lose, I lose.<\/p>\n

\u201d And so in July 2000, Sefako bought his first shares in Sekhametsi. There was a long wait for dividends.<\/p>\n

But as the night is followed by daylight, the dividends eventually came. He has never regretted the decision to invest. Sefako has been serving as a board member of Sekhametsi since December 2, 2019.<\/p>\n

Sefako\u2019s eyes light up when he speaks about creating wealth. Half of Lesotho\u2019s 2 million people are living in abject poverty with 75 percent of the population either poor or vulnerable to poverty, according to a 2019 World Bank report.<\/p>\n

Growing up in Thetsane, Sefako saw at close range the dehumanising effects of an average life in Lesotho. It is a life he would never want any Mosotho to experience.<\/p>\n

\u201cWe should all strive to be wealthy,\u201d Sefako says nonchalantly.<\/p>\n

\u201cThe worst thing that can happen to ourselves is to be poor mentally and lead an average life.<\/p>\n

\u201d This is a message that Sefako constantly pushes without any sense of guilt. For him, being wealthy is the only way.<\/p>\n

Like Mahomed Yunus, a businessman and banker, his dream is to consign poverty \u201cto the museum\u201d. He says that his dream is to see \u201cfuture generations going to the museums \u2018to see poverty\u2019.<\/p>\n

There they will see how people used to live in the past. That future generation will wonder how people lived like that in the past\u201d. \u201cThat\u2019s what drives me.<\/p>\n

We should all strive to be wealthy. \u201d Sefako believes in the power of collaboration if we are to roll back the frontiers of poverty (of average life).<\/p>\n

\u201cIf we come together we can conquer and eradicate poverty.<\/p>\n

\u201d For him it\u2019s a generational mandate. He says his new generation, driven by exciting technological innovations, must now take up the baton and fight poverty.<\/p>\n

As a proud Mosotho \u201cboy\u201d, Sefako says there is absolutely no reason why Basotho should be living an average life. \u201cWe have an excellent work ethic and have a culture of getting things done.<\/p>\n

He cites the age-old tradition of \u201cmpate-sheleng\u201d, a programme in which every villager contributed a \u201cshilling\u201d \u2013 a 10 cent coin \u2013 to cover funeral costs.<\/p>\n

By pooling resources together, things would get done. That is the spirit that Sefako says we need to tap if we are to consign poverty to the museums. Sefako says it is Basotho who form the backbone of the South African citrus fruit farms in Cape Town.<\/p>\n

\u201cWe have 80 000 Basotho who are working on the farms. A typical Mosotho\u2019s productivity is often five times that of a South African.<\/p>\n

We work hard and there is absolutely no reason why we should remain poor. \u201d All what Basotho need is guidance on how to do things. \u201cIf you lead them and guide them, they will get things done.<\/p>\n

They can achieve anything. \u201d Sefako cites the wool and mohair and textile sectors in Lesotho. The ventures, generally identified as Basotho-owned and driven respectively, have generated fabulous wealth for Basotho and sent thousands of children to school.<\/p>\n

Sefako is not shy to state what he thinks he brings to the board \u2013 radically-organised thinking. \u201cI think differently and do things differently,\u201d he says.<\/p>\n

That might sound arrogant and pompous but Sefako says if we keep doing things the same way as before we will end up exactly where we are. \u201cAll I do is challenge the norms.<\/p>\n

Who said the chicken can\u2019t fly? Probably it can, only that it hangs around with lots of chickens. \u201d Once it begins to hang out with eagles, then it will realise that it indeed It can fly, he says.<\/p>\n

It is an alluring allegory. All that Sefako wants is to do things differently at Sekhametsi. That starts with having expansion plans to take Sekhametsi beyond the borders of Lesotho.<\/p>\n

\u201cThere is no reason why Sekhametsi cannot go beyond the borders of Lesotho.<\/p>\n

We must go global. \u201d \u201cI want Sekhametsi to be the partner of choice worldwide. When someone thinks of investing in Lesotho, they must think Sekhametsi.<\/p>\n

When they think of investing in SADC, they must think Sekhametsi. When they think of investing in Africa, they must think Sekhametsi. \u201d He says that will require a complete overhaul in thinking patterns at board level.<\/p>\n

He says they currently have investors, who are the co-founders of Sekhametsi, who are now in the twilight of their careers, age having taken its toll.<\/p>\n

The result is that they might be a little bit \u201cconservative in their thinking, and understandably so\u201d. \u201cThey are in a comfortable position, and with comfort, one might relax and not think of tomorrow.<\/p>\n

\u201d Sefako says the new generation understands their new mandate and are prepared to take a risk.<\/p>\n

\u201cOne can\u2019t be comfortable as an investor. We need to up our game and need to look beyond the sentiments of shareholders, for their benefit. \u201d<\/p>\n

\u201cWe need to give an injection to the \u2018shareholders\u2019; it might be painful but that might increase their lives by a further 10 years.<\/p>\n

Sefako, who is 49, admits that while he might see things differently with other shareholders, they all want a common goal \u2013 increasing value for shareholders. The board currently has eight members.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. EVEN at a young age, Relebohile Sefako has always been fascinated with the concept of making money. His father, who went on early retirement as a police officer, ran a grocery store in Ha-Thetsane in the 1980s. And so at very close range, he would see how his father would buy goods […]<\/p>\n","protected":false},"author":84,"featured_media":11348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,246,415,245],"class_list":["post-11349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-lesotho","tag-economic","tag-lesotho"],"yoast_head":"\nDriving economic growth - Lesotho<\/title>\n<meta name=\"description\" content=\"EVEN at a young age, Relebohile Sefako has always been fascinated with the concept of making money. 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