The impact of good national governance on economic development

Abstract

This article is on good national governance. The twenty-first century has opened a new chapter in the administration of many countries, especially African countries. Democracy and good national governance have become the panacea or sure remedies that the western donors have prescribed to the ailing continent of Africa. It is generally believed that, good national governance coupled with donor aid or assistance would lead to economic growth of Africa. Consequently, most African governments are trying to major in the art of good (national) governance so as to benefit from conditions of the western economic and financial mandarins in an attempt to please them. However, good governance continues to elude a larger number of ordinary Africans. Politically, good national governance has been a subject of controversy for some time now. The question as to who, or which institutions or nation sets the parameters within which to measure good governance has been problematic. This is due to the fact that the meaning of good governance has been very subjective, and also influenced by the problems and goals of each country. It is therefore abundantly clear that good national governance has not been fully understood by the various governments and the governed. This is inhibiting the inherent potentials of the countries and citizenry. The effects of bad governance either by governments or corporate institutions can be devastating on a country's economy and development. The article reviews the fundamental tenets of good governance. This is done by critically reviewing the different understandings or meanings of good governance. In addition, weaknesses inherent in some of the definitions are examined. Critical pillars of good national governance are discussed vis-i-vis national economic development and growth. In effect, the article analyses good national governance from its essential pillars of corruption; information disclosure; development and individual rights; participation; the judiciary and legislative systems; corporate accountability; and global balance.