Governance provides the institutions and the spaces for establishing an overall direction of development, setting targets, coordinating actions, providing regulations, creating specialized organizations and enabling the flow of finance at national and subnational levels. Parliaments and state audit offices should ensure accountability for reporting on progress and learning from failures. Formal government institutions also need to work closely with the private sector, and civil society, providing “safe arenas” for deliberation on policies and instruments of transformation. Good governance enhances synergies and identifies trade-offs and connections while building engagement between politicians, civil society, businesses, youth, labour, media, Indigenous Peoples and local communities.
GEO-1-6
The act, process, or power of governing for the organization of society/ies. For example, there is governance through the state, the market, or through civil society groups and local organizations. Governance is exercised through institutions: laws, property-rights systems and forms of social organization.