Question

Role of good governance in sustainable development

Answer 1

The global financial community has repeatedly argued that poor economic performance in most developing countries is due to bad governance; thus the call for particularly post-conflict countries, such as Liberia, to establish good governance system is overwhelming. Good governance that harnesses accountability and transparency requires strong enforcement of the rule of law that benchmark the achievement of desired economic outcome. This paper seeks to address a policy reform in post-conflict Liberia by emphasizing the interconnected link of transparency, accountability and rule of law, and how in concert can they translate to good governance practices, thereby harnessing sustainable development to benefit the citizens and those living within the territorial confines of the country.

The Ministry of Finance (MOF) of the Republic of Liberia which controls the distribution of the finances of the Republic is focused for the case study as required for the purpose of this assignment. The Ministry of Finance has been the center of the public financial management reform since the birth of the third republic and has taken a number of critical steps in the reform agenda which culminated into the establishment of effective Public Financial Management (PFM) mechanisms which has so far proven to be successful thereby contributing to transparency and accountability and by extension good governance.