The town grew around São Jorge da Mina Castle, built by the Portuguese Diogo de Azambuja in 1482 on the site of a town or village called Amankwakurom or Amankwa. It was Portugal's West African headquarters for trade and exploitation of African wealth. The original Portuguese interest was gold but this later expanded to include tens of thousands of slaves channeled through the trading post of El Mina. The location of Elmina made it a significant site for reprovisioning ships headed south towards the Cape of Good Hope on their way to India. The Dutch West India Company captured it in 1637; in subsequent centuries it was mostly used for the slave trade. The city remained in Dutch hands until 1872, when it was sold to the English.
Elmina is also home to Fort Coenraadsburg on St. Jago Hill, built by the Dutch in 1666, several Asafo shrines and a lagoon. Today, Elmina's main industry is fishing.