Annamaboe's origins are cloudy, but the town rose to prominence in the 17th century. The Fante merchants there traded primarily in gold and grain. After inviting the Dutch to build a factory in town, the merchants turned increasingly towards the slave trade. Wealthy Fante merchants supported the building of an English fort to further this cause. However, the loss of the Royal African Company's monopoly in 1698 led to the closing of the fort in 1730. Under pressure from increasing French interest, the Company of Merchants Trading to Africa moved to rebuild the fort.