Why good governance is an economic issue

Why good governance is an economic issue

A country’s economy can only grow if the people and groups running it are open, honest, fair and do what they promise. This is because when people have trust in their government, businesses feel safe to start and thrive. Institutions like schools, hospitals and roads also develop since resources are used for the purposes which they are intended for; leading to better service delivery.

Good leadership means public money is managed well, people get better services and the government tries to improve life for everyone. The result of this is a stable economy. Countries like Singapore and South Korea grew fast to attain high standards of living because of such model of leadership with the end result being good schools, technology, hospitals, roads and services; which is why they are regarded as first world nations.

Kenya’s new strategic plan called Developing a “New Vision for Kenya Towards a First World Nation” says good governance is one of the most important investments the country can make in order to become a first world nation. The report argues that a country’s economy can only grow when its institutions are strong, transparent and accountable.

It calls for a trustworthy public service built on merit, integrity and ethics rather than political interests. The report also states that Kenya’s greatest challenge has not been a lack of ideas or resources but inconsistent implementation, often caused by changing priorities. When there is trust in public institutions, the economy tends to be steady.

A strong economy therefore starts with strong institutions and that is why Kenya’s roadmap to a first world nation will not just be achieved through infrastructure but by having the right leadership in place.

Top