Good governance is a cornerstone for countries at all stages of development, whether social, economic, moral and spiritual – both nationally and internationally. The significance of good governance is for economic efficiency and growth. Good governance is conducive to macroeconomic stability, external viability and sustainable development. In order to achieve this target, the national authorities should be responsible for governance issues.  Their willingness, commitment and involvement would make governance a success. Good governance is principally of two spheres, that is, improving the management of public resources through all kinds of positive reforms and supporting the development and maintenance of a transparent and stable economy.

Key components of good governance

Good governance and democracy

The best possible investment in supporting good governance is democratic development. The true test of “good” governance is to bring democracy. Contributing to the goal of establishing sustainable democracies is the main concern of Buddhism. Buddhism can take a leading role in promoting and consolidating democracy worldwide. Promoting democracy is a better way to improve individual opportunity for prosperity and happiness, as well as to build a vibrant civil society. Expanding democracy in the society is to encourage pluralism, participation, and peaceful co-existence.

Good governance demands for democratization, political participation and impartial electoral systems. Democracy, either electoral or consultative, requires power be vested in the people through fair elections. It is a system of government respecting plurality of views and opinions, and inviting civil participation in the governance system.

The non-reform-minded governments should be encouraged to support the strengthening of governance in terms of democracy programs that are responsive and responsible to the citizens. Democracy programs would entail promoting the rule of law and human rights, fair elections coupled with a competitive political process, citizen participation in government, a free media and a responsive structure of governance. This would make a good impact on the democratic progress around the world.

Good governance and human rights

Good governance is established when the realization of the value of human rights is made. Good governance would thus conduce to the practice, observance and enjoyment of human rights, and contribute to sustainable human development in a manner which ensures transparency, responsibility, accountability, participation, responsiveness to the needs of the people.[3] Good governance would also guarantee freedom from abuse and corruption. Promotion of human rights, whether civil, cultural, economic, political, social or spiritual, is the best test of good governance. Satisfying these fundamental rights would effectively guarantee basic needs such as health, housing, food, education, justice,