The objective of this paper is to present a systematic approach to incorporating finance in value chain analysis (VCA). As the lifeblood in the value chain, finance is often one of the critical constraints to economic growth. Understanding the financial structures both within and between firms in the value chain is necessary for the development of upgrading strategies that effectively increase competitiveness. The paper synthesizes some of the more pertinent literature on the topic and adds to this some key insights gained from a set of case-studies.