Damola Adejumo-Ayibiowu Department of Development studies University of South Africa damolabiowu@gmail.com ABSTRACT Despite lack of satisfactory evidence of its effectiveness, the idea of good governance is celebrated and has become the prescription of international development partners for all development challenges facing poor countries including stagnated growth, poverty, and insecurity. This paper posits that the origination and characteristic features of the good governance agenda is not different from earlier economic development models and strategies promoted by international financial institutions (IFIs) in developing nations, all of which failed to achieve growth and development in recipient African countries. For sure, these strategies are always based on theories and methodologies alien to African history, culture and social values. Most importantly, it can be argued that the good governance agenda is an imposition of Western liberal democracy and IFIs’ universal blueprints of neoliberalism for poor countries. The objective of this paper is to critically evaluate the theoretical basis of good governance as related to liberalisation, democracy and decentralisation using Afrocentricity and Africana critical theory.