This report provides an in-depth analysis of the effects of selected food and agricultural policies in Malawi over the period 2005-2013 and carefully examines: the effects of policies and market performance on price incentives for producers, consumers and other agents in six key agricultural value chains; the level and composition of public expenditure in support of the food and agriculture sector; and the degree of coherence between governments’ stated policy objectives, the policy measures implemented to achieve those objectives, and the effects they generate. Policy recommendations presented are based on the main findings of the analyses and are aimed at the development of the agricultural sector and more precisely, the reduction of price distortions for producers and consumers and ensuring that producers benefit from market opportunities. This report, a compilation of all technical work thus far in Malawi, provides policy-makers, as well as development partners and other stakeholders in civil society, with the best possible information on the effects of policies and public expenditure influencing agricultural investment decisions and ultimately food security.