The currency of the world's second-biggest cocoa producer weakened further as the worst-performing currency this weak after Ghana refused a bailout.

Ghana's currency, the cedi, weakened against the dollar by 6.4 percent for the first time in five days after the government refused an International Monetary Fund (IMF) bailout -- choosing instead to sell its third Eurobond, valued at $1.5 billion, next week, according to Bloomberg.

"(Some investors) don't have the full confidence in the government's home-grown policy because steps that have already been implemented have not yielded expected results," Elvis Darku, head of fixed-income trading at Access Bank Ghana Ltd, told Bloomberg.

Reports of the cedi's poor performance were anticipated last year and some still blame the redenomination of the currency, in 2007, for the ongoing inflation, according to Ghana News Agency (GNA).

The current exchange rate for the cedi is $1 to 3.43 cedi, according to XE.com.

A senior economist at the Ghanian Institute of Economic Affairs (IAE), J. K. Kwakye, said the decision to redenominate was a political one, and trying to make a currency stronger than the dollar by canceling zeros was not a good idea, according to GNA.

In 2007, the government ruled that 1 new cedi was worth 10,000 old cedi.

Kwakye, who spoke at a news conference July 22, compared the redenomination of the currency with the U.S. dollar's history. The smallest unit of the dollar, one cent, is still in circulation and has value, but the smallest unit of the new Ghana cedi cannot buy anything, GNA reports.

The government initially looked to the IMF for support earlier when earnings from gold, cocoa and oil -- the country's biggest exports -- decreased, reports Bloomberg. Finance Minister Seth Terkper said power cuts, inflation and the weak cedi are curbing growth.

But the government announced this week it would seek to sell the Eurobonds instead.

"If they could get IMF support that would be a much more sustainable solution," Melissa Verreynne, an analyst at NKC Independent Economists in Paarl, South Africa, told Bloomberg.

The proceeds from a Eurobond sale would provide only temporary support to the currency, she said.