The study compares schooling, experience and labour market outcomes in a sample of over 20,000 Ghanaians aged 15 to 65, who have been interviewed during four rounds of the GLSS and who represent the labour force as a whole over the period 1987-1999. Estimates of the coefficient of the years of schooling in a standard human capital model are combined with data on public and private schooling expenses. We find an average social rate of return (ROR) to basic education as low as 3 per cent, while the social ROR to secondary and tertiary schooling is 16 and 3 per cent, respectively. With estimates of 6, 25 and 15, the private ROR are higher, especially for tertiary education. As regards experience, estimates suggest positive and gradually decreasing returns. The first year of experience is estimated to increase earnings by around 5 per cent, while additional experience gradually yields less until earnings reach a peak around 35 years of experience. The results suggest that educational sector reform in Ghana be highly concerned with improvements of basic education, with the upholding of the quality of secondary schooling, and with opportunities to increase the share of private expenses in secondary and tertiary education.