Higher Education Financing in Lesotho: Regulation to Realize Its Sustainability and Increase Inclusiveness

Abstract

AbstractHigher education plays a central role in countries’ realization of their socio-economic development and in establishing a competitive, skilled workforce globally. The need for a skilled workforce, combined with scarcity in financial resources pertaining to higher education, has resulted in governments resolving to finance higher education. This article seeks to encourage adequate regulation to realize the sustainability of higher education financing in Lesotho, to achieve greater inclusiveness in institutions of higher learning. Through the National Manpower Power Development Council Act 8 of 1978, the Lesotho government established the National Manpower Development Council, which is aimed at facilitating the granting of loan bursaries from a fund administered by the National Manpower Development Secretariat. However, these efforts have faced challenges due to the increased cost of financing higher education. Poor management of the loan recovery function, increasing default by graduates on their repayment obligations and a lack of concerted efforts between the respective government departments threaten its sustainability.