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 Constitutional 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 prima facie evidence that Ramaphosa may have committed serious misconduct in handling the matter.

He has denied wrongdoing and said the money came from the legitimate sale of buffalo from his farming business.

South Africa's Constitutional Court last week ruled the matter should be examined further through an impeachment process in parliament, rather than be dismissed.

Ramaphosa said he will now ask the courts to review and set aside the report, which he argues relied on hearsay evidence.

If the process goes ahead, the report would form the basis of opposition efforts to remove him from office.

Political analyst Professor Richard Calland said the president would likely survive a parliamentary vote, but added the legal challenge may be aimed at avoiding a damaging impeachment hearing altogether, which would hurt his reputation and legacy.