This paper explores the political economy of the groundnut value chain in Malawi. The paper uses a combination of insights from the theoretical perspectives of political settlement, rents and policymaking to examine this value chain. Fused together, these theoretical perspectives underpin a political economy analysis framework, which entails systematically mapping all key actors in an issue area; identifying their interests and recognising their forms of power (political, economic, social, and ideological); understanding their relationships with each other; and appreciating the issues, narratives, and ideas that shape how and why they interact with each other.