This paper explores the drive to expand the quantity and quality of PhD's in South Africa and the impact this has had on under-represented groups, in particular black graduates. Based on both qualitative and quantitative data, the paper argues that while there has been a significant increase in the number of black students in doctoral education, these students are still under-represented compared with their participation in the population and that the increase of black graduates is to a large extent attributed to the intake of doctoral students from other parts of Africa. The relatively low participation of South African black students is attributed to a dysfunctional school system, high drop-out rates, insufficient funding, feelings of alienation and isolation at historically white universities, family commitments and the lure of the labour market. Since the disadvantage to black students affects the majority of the population in South Africa, the paper suggests that the PhD could become a key driver for economic development only if there is a concerted effort to address barriers to black South African students' access to and retention in doctoral programmes. (Contains 3 notes, 5 tables, and 2 figures.)