South African President Cyril Ramaphosa says he will legally challenge a report that has paved the way for parliament to consider impeachment proceedings against him over the theft of large sums of cash from his private farm.

A Constitution Court ruling last week found that parliament acted unconstitutionally when it voted against establishing an impeachment inquiry against Ramaphosa regarding the Phala Phala report in 2022.

"I remain here and am not resigning," Ramaphosa said on Monday, ending days of speculation over whether he would step down.

The controversy stems from the so-called Phala Phala scandal, in which thousands of dollars were stolen from furniture at his game farm.

An independent panel found there was prima facie evidence Ramaphosa may have committed serious misconduct in the way he handled the matter.