African Company of Merchants facts for kids
The African Company of Merchants was a British company that operated from 1752 to 1821. It was active in the Gold Coast area, which is now part of Ghana. This company was involved in the Atlantic slave trade, moving people from Africa across the Atlantic Ocean.
How the Company Started
The African Company of Merchants was created by a special law in 1750. In 1752, it took over from an older company called the Royal African Company. The new company was different because it was a "regulated company." This meant that the company itself could not trade or borrow money as a single business. Instead, individual traders who were part of the company could trade.
The new company took over the old company's trading posts. These posts were like small forts or offices where trade happened. There were nine main posts, including Fort William, Fort James, and Cape Coast Castle. Cape Coast Castle was the main office. These trading posts were located along the coast, in an area where the Fante people lived.
Running the Company
A group called the African Committee managed the company. This committee had nine members. Three members came from London, three from Liverpool, and three from Bristol. These cities were important trading centers in Britain.
The committee members were chosen every year by traders who paid a small fee to join the company. A rule said that committee members could only serve for three years. However, some people later claimed that the committee members were not doing their job correctly.
The British Parliament gave money to the company each year. This money helped pay for the office in London and for keeping up the forts. The committee had to report to different government departments, like the one that handled money and the navy.
End of the Company
In 1807, the British government made it illegal to trade enslaved people. Even so, the African Company of Merchants kept operating for some more years.
Later, the company's control over its territory was given to Governor Charles MacCarthy of Sierra Leone. Sierra Leone was a colony created for formerly enslaved people who had gained their freedom.
In 1817, the company signed an agreement with the Asante people. This agreement recognized that the Asante had control over large parts of the coast, even areas claimed by the Fante people.
However, it became known that the company had continued to be involved in the slave trade in its own areas. Because of this, the British government officially closed down the company in 1821.
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