This paper seeks to provide further insight as to why local Ghanaian firms may not be pursuing regional growth as a strategy, as publicly available data would suggest. The study uses Resource Based Theory and Institutional Theory to identify a range of factors that may be influencing, at a firm level, the decision whether or not to pursue a regional growth strategy. The study draws upon a sample of 65 Top Tier Local Ghanaian Companies. A key finding of this study is that a large number of local companies were providing services or products to the regional market. Evidence suggest that although local firms were at the early stage of internationalization, due to various factors identified in the study, these firms had chosen not to formally commit resources in pursuing regional growth as the traditional ―Stage Theory‖ of Internationalization would suggest. The result of the study highlights certain risk to managers and owners choosing not to actively pursue a regional growth strategy.