What is governance? Explain the role of good governance in economic development. 

Governance encompasses the system by which an organisation is controlled and operates, and the mechanisms by which it, and its people, are held to account. Ethics, risk management, compliance and administration are all elements of governance. 

The presence of good governance at both the public and private sectors in a country has been viewed as a positive contributor to sustained economic growth.  Good governance at all levels is fundamental to economic growth, political stability, and security — a key factor for stability and security. Good governance leads to improved economic benefits in a globalized world and it accelerates economic transitions. 

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