Uganda’s most influential economist has died
Emmanuel Tumusiime-Mutebile tamed inflation and let markets loose
SOMETIMES CHANGING an economy starts with a metaphor. In 1992 Emmanuel Tumusiime-Mutebile, the top civil servant in Uganda’s finance ministry, began comparing inflation to indiscipline in the army. He knew that would resonate with Yoweri Museveni, a rebel who had fought his way to power six years earlier. Soon the president was declaring that “inflation is indiscipline.” The slogan was pinned on office walls and Mr Mutebile was given a licence to slash spending. Inflation fell from 200% to single digits in a few months.
This article appeared in the Middle East & Africa section of the print edition under the headline “Market preacher”
From the January 29th 2022 edition
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