The Gold Coast was a British colony in West Africa from 1867 to 1957, when it became independent and known as Ghana. The Portuguese arrived before the British in 1482, and the British Royal Trading Company was set up in 1752. Before Europeans arrived, the Ashanti people controlled the area. The term “Gold Coast” also refers to the larger region in West Africa, so called for the gold resources, but the slave trade was a major part of the economy after Europeans colonized the land.