This study is aimed at evaluating the importance of financial records keeping in achieving good governance with emphasis on public sector organizations. It draws on experience from Nigeria and some other African countries. We found out that despite efforts to institute comprehensive programmes of financial and structural changes through various economic policy reforms, some financial records are still buried and inaccessible, and this could be attributed to weak democracy and poor organizational structure. Good public management and administration with emphasis on accountability and responsiveness to consumer needs has been seen as aspect of good governance. We therefore recommend that African governments should develop national strategic approaches to managing public sector financial records as strategic national economic resources.