Barclays reduces interest rate

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.