4.2.4 Sources of capital The capital market provides long term financing for businesses. The Ghana Stock Exchange tear-to-date market capitalization increased by 135.4 percent from GHC27,230.5 million in 2010 to GHC47,300 million in 2011. 4.2.5 Local content policy A local content policy framework has been developed by the Ministry of Energy which stipulates that, all regulatory authorities, operators, contractors and other entities involved in any project, operations or transaction involving the Ghanaian oil and gas industry should consider local content as an important element in their project development. The policy is to give consideration to Ghanaian independent operators in the award of oil blocks, oil field licenses, oil licenses for which contract are to be awarded in the Ghanaian oil and gas industry. Local Content Policy in Petroleum Sector Ghana has developed a Local Content Policy in petroleum activities. The policy provides the framework for the maximization of the benefits of the oil and gas resources to Ghanaians through local content and participation. Consultations with stakeholders including oil companies on the policy were completed in 2011. To ensure that the Local Content Policy is backed by regulations, a Legislative Instrument (LI) for local content has been drafted and reviewed by the Ministry and its Agencies and would soon be submitted to the Attorney General’s office for drafting. A Petroleum Commission has been set up to oversee the regulation and management of petroleum resources. The Commission will ensure that all directives set forth in the Local Content Policy and regulations are adhered to. An Implementation Strategy and Framework has been developed to fast track the work of the Petroleum Commission as it provides them with procedures, tools and methodologies needed to support their mandate. Sixth Annual APRM Progress Report: January – December 2011 68