Smallholder sugarcane growing is central to rural development and poverty alleviation in Swaziland. The main objective of smallholder sugar cane growing is to reduce poverty through increased household income. This study investigated the relationship between water use agricultural and financial performance, and governance (accountability and transparency) in smallholder irrigation schemes under the Lower Usuthu Smallholder Irrigation Project (LUSIP). The study used data from 2010/2011 to 2011/2012 production seasons for 13 smallholder sugar cane irrigation schemes belonging to Madlenya and Ngcamphalala chiefdoms. Production records for the farmers’ irrigation schemes were obtained from the Swaziland Water and Agricultural Development Enterprise.