Final answer:
The Portuguese explorers named the southern coast of West Africa the Cape of Good Hope, which became a crucial navigational landmark and symbolized the potential for new trading opportunities, particularly in the lucrative gold and slave trades.
Step-by-step explanation:
When Portuguese explorers navigated the southern coast of West Africa, they referred to it as the Cape of Good Hope. This name was given after Bartolomeu Dias, a noted Portuguese navigator, sailed around this southern tip of Africa in 1488. Dias's voyage established a sea route from Europe to Asia, bypassing the need to go through the Middle East. This discovery was imperative as it allowed for increased trade between Europe and Eastern societies. Additionally, the Cape of Good Hope became a strategic point for controlling shipping and was historically significant for European colonial expansion into Asia.
The Cape of Good Hope was not only a navigational landmark but also symbolized the hope of unlocking new trading routes and accessing the riches of the East. Beyond this, it led to further exploration and the eventual European involvement in Africa's lucrative trade markets, such as gold and slaves. The coast of present-day Ghana was later specifically called the Gold Coast by European traders due to the significant amount of gold extracted there, which was a highly sought-after commodity by the Portuguese and other European nations.