Transitional societies face a myriad of problems which include incessant conflicts. Some scholars and international financial institutions believed that neoliberal economic growth and policies in support of them would reduce poverty and end conflicts. While not disputing the role of economic growth in a country’s development, this paper takes the view that a holistic approach that recognizes good governance can do more to promote sustainable peace and development. The methodology for this paper was content analysis of official documents, articles and other written sources. The paper observes that the absence of good governance has provided a fertile ground for some of these conflicts to emerge such as insurrections, insurgencies, and general insecurity of lives and property. It concludes that a developmental model that takes cognizance of this can provide the best option for emerging societies in need of lasting peace.