Since the early 1990s, most African countries have implemented seed sector policy reforms aimed at strengthening formal seed systems to enhance agricultural productivity through improved access to high-yielding varieties. However, empirical evidence on the outcomes of these reforms remains mixed. This study examines the policy implications of seed system reforms in Malawi, focusing on the operationalisation of legal and institutional frameworks, seed availability (in terms of quantity and crop diversity), and changes in smallholder farmers’ seed-sourcing patterns. The analysis draws on secondary data from grey literature, large-scale Integrated Household Panel Survey (IHPS) datasets, and primary data collected through fieldwork, including focus group discussions (FGDs). Results indicate that the operationalisation of legal and institutional frameworks for the formal seed system has lagged behind private sector growth. Moreover, private sector expansion has not translated into increased seed quantities or greater crop diversity in the market, leading to increased reliance on informal seed systems by smallholders. The FGDs reveal that poverty, limited availability, and poor seed quality are key barriers to the adoption and use of certified seed. These results suggest that current reform approaches inadequately address smallholder seed access constraints. The study highlights the need for more inclusive seed policies that recognise and support the complementarities between formal and informal seed systems in order to improve smallholder access to high-quality seeds and strengthen agricultural resilience.