Using data from a Household Income and Expenditure Survey and data collected by the author, this paper presents up-to-date private rates of return to education in Botswana. The empirical fitness of the Mincerian Earnings Function is also tested. The major results are: (1) rates of return rise by level of education; (2) the empirical fitness of the human capital model is quite robust; (3) education is not income equalising; (4) women are paid less than men despite being on average more highly educated than men. The policy implications are: there is room for private financing at the upper secondary and tertiary levels of education; employment creation has to be pursued vigorously; there is a need to address the equity and gender issues.

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