The demographic changes occurring in Mali, evident in high fertility but declining mortality rates have raised optimism about the prospects of reaping demographic dividend. However, it remains unclear how soon and what policy scenario would yield the largest demographic dividend in the country. We used a demographic-economic model “DemDiv” to assess the prospects of reaping a demographic dividend in Mali by 2050. We illuminate this further by examining the cost and implications of different combination of education, family planning and economic policies. The results show that by increasing access to education, family planning services coupled with strong economic reforms, Mali’s GDP per capita will be $27,044 by 2050. This high per capita GDP is almost thrice the benefit of prioritising only economic reforms. Mali would also have a GDP of $977 billion. These findings highlight the need for sound demographic and market-oriented economic policies for Mali to reap a large demographic dividend by 2050.