Make Money Mondays

Former Nedbank Chair Reuel Khoza opens up about money, farming and music

My father was an evangelist… In the 50s, 60s and well into the 70s that church did not pay very well… my mother worked as a cleaner… their joint income was meagre… When I finished primary school, my grandfather had to sell one of his oxen to supplement what my father could put together…

Reuel Khoza

I worked as a packer… as a sweeper… as a tool-boy… but my first real salary was as a junior lecturer in 1974...

Reuel Khoza

Had I not been fired I would probably have progressed to professorship and died a pauper!

Reuel Khoza

Every week The Money Show’s Bruce Whitfield interviews a famous person about her or his attitude to money (hopes and fears, successes and failures, etc.) as part of his weekly “Make Money Mondays, Personal Edition” feature.

This week Whitfield interviewed former Nedbank Group Chairperson Reuel Khoza.

Khoza is a heralded thought leader and author of books such as Attuned Leadership, Let Africa Lead, The African in my Dream and The Power of Governance (with Mohamed Adam).

He also farms pears, macadamia nuts and avocadoes that he packs and exports.

His farming venture is the second largest avocado exporter to Europe.

He writes lyrics and produces music “as a labour of love”.

  • What does he believe about money?

  • Does he spend like crazy, or save compulsively?

  • How did his childhood experiences of deprivation, or abundance, shape his views on money?

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

It is tragic that the spirit of Ubuntu… appears to be waning… in both the public and private sector…

Reuel Khoza

I try to be frugal without starving myself to death… From childhood I’ve tended to not be wasteful…

Reuel Khoza

I was top of a hopeless class… he [father] expected me to be a medical doctor…

Reuel Khoza

My first wage was… 15 cents [in today’s money]… In 1963 bread was a delicacy… The first 15 cents was spent that way [buying bread].

Reuel Khoza

My best money decision was deciding to move from being a management consultant into private equity.

Reuel Khoza

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