Speaking during a televised national address on Monday, the 73-year-old leader dismissed the accusations against him and vowed to remain in office despite mounting political pressure.
“I will not resign,” Ramaphosa said, insisting that “the complaints against me are based on hearsay allegations”.
The South African president also announced plans to legally challenge a parliamentary report that previously found there was credible evidence suggesting possible wrongdoing on his part.
The report became the basis for renewed political pressure from opposition leaders and critics demanding accountability over the scandal that has continued to dominate political debate in the country.
The controversy stems from allegations linked to the theft of a large amount of foreign currency reportedly concealed inside furniture at Ramaphosa’s Phala Phala game farm.
Questions over the source of the money and the handling of the reported theft triggered national outrage and intensified scrutiny on the president’s conduct.
Ramaphosa has consistently denied wrongdoing and maintains that the money involved came from legitimate business activities related to the sale of game animals at the farm.
He has repeatedly argued that attempts to remove him from office are politically motivated.
His latest remarks came only hours after South Africa’s parliament confirmed that it would establish an impeachment committee following a ruling by the country’s highest court last week.
The court decision effectively revived efforts to revisit the matter after earlier political processes appeared to stall.
The impeachment committee is expected to examine whether there are sufficient grounds for parliament to pursue formal proceedings against the president.
The process is likely to intensify political tensions within South Africa’s governing structures and among opposition parties ahead of future political contests.
Despite the growing pressure, Ramaphosa projected confidence during his address and urged South Africans to allow legal and constitutional processes to take their course.
He stressed that he remained focused on leading the country and addressing key national challenges, including economic recovery, unemployment, and energy shortages.