The article sought to examine the pull and push factors that culminated into the adoption and implementation of local economic development policies in the Accra Metropolitan, Keta Municipal and Shai-Osudoku District Assemblies as well as the sources of financing the local economic development policies. The study was qualitative one and data were collected from the Finance Officers, Planning Officers, and Business Advisory Centre Coordinators of the three assemblies. A number of findings came to light. First, the adoption and implementation of LED in the three MMDAs was influenced by different historical contexts and diverse situations such as unemployment, poverty and infrastructure deficit as well as national government policy. Second, the MMDAs’ sources of financing LED programmes could be classified into three main categories namely; inter-governmental transfers, donor or private sector funding and internally-generated funds, The ability of an MMDA to attract funds was largely determined by factors such as the strategic nature and category of the MMDA, its leadership, political and personal commitment of some top level staff to LED implementation, the available economic development incentives and the immediate returns that investors expected to gain from their investments.