Yes, it is possible to adjust the governor on a golf cart. Some golf carts use electronic governors, which are considered more difficult to adjust. It is best to consult a professional when dealing with these.
The first step in adjusting the governor is locating it. Check for a small rod near the golf cart's clutch. If this rod is found, the governor can be adjusted by simply tightening or loosening the nut attached to the small wire connected to the rod. If a rod is not found, the governor is likely located inside the golf cart's engine bay on the largest wire running from the gas pedal. Once located, the governor's springs can be loosened to allow higher speeds using either a wrench or a screwdriver.