King James I in 1618 granted the company a 31-year monopoly on the exportation of goods from West Africa to be imported into England.
The Guinea Company had a great deal of growth with Nicholas Crispe, who had become the controlling stock holder in 1628.
Nicholas Crispe got most of his royal support through the building of trading forts on the Gold Coast of Komenda and Kormantin.
After Crispe had failed in leading the company in finding gold along the Gambia River, it resorted to the collection of redwood from Sierra Leone as its main export.
By creating a new name for themselves, it gave them more opportunities in expanding their industry, particularly in the Eastern part of Sierra Leone as a means for gathering gold.
[citation needed] They played a significant role in the history of trade and development all along the west coast of Africa.