The need for the establishment of the fund arose as for many years in the history of Ghana 's international trade import licensing or regulation of import was considered necessary to rationalise the use of scarce foreign exchange resources. Export development and promotion – the real and important factor of economic development was relegated to the background. Subsequently however conscious efforts have been made to lift up the country's exports. Prominence has been given to measures like import duty draw-backs, participation in trade tours, intensification in the work of Trade Attaches and the search for and revival of export oriented bilateral and multilateral trade pacts e.g. AGOA visa to Ghana under AGOA ACT. Other trade promotion schemes such as Free Trade Zone and GATEWAY Secretariat, Export Finance Company Limited, Exim Guaranty Co. (Gh) Ltd. were also established and the GEPC strengthened.

However, these export promotion bodies have been providing mainly services. Direct financial support for exports was left to the Banks. Funds in the form of credits from financial institutions carrying relatively exorbitant interest charges were not attractive enough to give a significant boost to exports. It was therefore logical to expect and welcome the emergence of EDIF.