Investors, regulators and consumers around the globe are increasing their focus on environmental, social and governance (ESG) principles as they seek products and services that protect the environment, mitigate social risk and offer positive returns for stakeholders.
Initially sparked by supply chain disruptions associated with the Covid-19 pandemic, a worldwide shortage of microchips has intensified in recent months, largely due to a new round of lockdowns in South-east Asia. Given the impact on strategically important sectors like automotive, efforts are under way to prevent similar issues in the future.
With Togo moving to position itself as a regional leader in terms of textile production, the country is increasing its focus on sustainability and digitalisation as it seeks to maximise value across the supply chain.
Economic update | Report: How can West Africa boost its textile and garment industry in a sustainable way?
While West Africa is one of the largest producers of cotton, it has the ability to process less than 2% of the crop locally; around 90% is exported to markets in Asia, where value is added through spinning and weaving.
With textiles and fashion expected to constitute an important post-Covid-19 growth driver for West Africa, stakeholders and key players in the industry are exploring ways to implement sustainable practices and make the sector more environmentally friendly.
Economic update | The Fourth Industrial Revolution in sub-Saharan Africa: key to the coronavirus recovery?
The pandemic has significantly accelerated the global spread of technologies associated with the so-called Fourth Industrial Revolution (4IR), among them artificial intelligence, the internet of things (IoT), big data and blockchain. In sub-Saharan Africa many now see the 4IR as key to the region’s recovery.