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The Lesotho cattle industry is characterized by overstocking, range degradation, low marketed offtake, low fertility, and high mortality. The overstocking situation is paradoxically accompanied by an ownership pattern which leaves many households with an insufficient number of cattle for draught purposes, and the abscence of a large commercial beef sector. In this setting a number of analysis have suggested that the increased provision of market outlets would allow Basotho to sell surplus culled animals which would in turn promote reduced stocking and increased productivity. Regardless of the effect of marketing on the stocking rate, the current low levels of commercial marketing may be symptomatic of certain structural flaws which limit market performance. Modifications of the marketing system may be in order to enhance performance. What form these modifications should take, and their likely consequences, are the policy issues addressed in this case study of the Lesotho cattle marketing system. This paper presents an overview of the current production - marketing system, alternative conceptual frameworks, appropriate conceputal frameworks for Lesotho, and includes conclusions and implications.