Ashanti Gold SC was founded in 1978 by a group of employees of the Ashanti Goldfields Corporation under the name of Goldfields Sporting Club famously known as Obuasi Goldfields. The employees continued to pay the salaries and costs for the team and in the 1984 season the club finished as runner-up in the FA Cup. The management took notice and, through their leading shareholder Lonrho, arranged funding and sent an English manager. Following their success in the FA cup, the team was promoted to Ghana Premier League. For almost a decade the team struggled due to disorganization, until 1993 when a company official at AGC revamped the club and brought in another English manager.
In 2004, Obuasi Goldfields Sporting Club Ltd. is renamed Ashanti Gold Sporting Club Ltd.