Importance Of Good Governance

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Good governance has gained significant attention in the world especially in the last decade. In recent years good governance has attracted the attention of economists, political scientists, Lawyers, Politicians national institutions and institutions of world bank and IMF. Since some empirical and theoretical controversies have been found on the concept and importance of good governance but can be considered as a prerequisite for economic growth and peaceful development. According to Kaufmann and Kraay(2002), governance can also be seen as the instrument of the effectiveness of a society’s institutions. If the institutions are appropriate and effective, the outcome should be good governance (Duncan 2003).
Governance is the instrument of political, economic and administrative authorities to manage a nation’s affairs, it is the diverse mechanisms, processes relationships and institutions through which residents of country and groups communicate their benefits exercise theirs rights’ obligations and arbitrate their differences. In good governance countries, the working condition is generally more favourable for providing protection and guarantees for investor’s Good governance is therefore a compartment of governance, when in public capital and problems are managed effectively, efficiently and in response to vital needs of society. Effective elected forms of governance rely on public participation, accountability and transparency. There is an increasing research

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