Barclays Bank (Ghana) on Monday announced that it has reduced the base rate from 34 per cent to 29.5 per cent in response to market demands.

Mr Felix Nyarko-Pong, Head of Treasury of the Bank, said the decision was in accordance with current downward drift in inflation, Government treasury rates as well as positive macro-economic indicators.

The rate of inflation is quoted at 21 per cent and the government said it was aiming at a lower rate this year. He said Barclays was supportive of government's Golden Age of Business. Barclays cut interest rate to 34 per cent at he beginning of the year.