We show that topological amenability of an action of a countable discrete group on a compact space is equivalent to the existence of an invariant mean for the action. We prove also that this is equivalent to vanishing of bounded cohomology for a class of Banach G-modules associated to the action, as well as to vanishing of a specific cohomology class. In the case when the compact space is a point our result reduces to a classic theorem of B.E. Johnson characterising amenability of groups. In the case when the compact space is the Stone-v{C}ech compactification of the group we obtain a cohomological characterisation of exactness for the group, answering a question of Higson.
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