South African President Cyril Ramaphosa will not resign and will seek a second term as leader of the ruling African National Congress (ANC) after allies rallied behind him to stay on, a spokesperson from the president's office said on Saturday.

Ramaphosa's position as the head of state came into question after an independent parliamentary panel said in a report he might have violated the oath of office in regards to millions of dollars in cash found at his private game farm.

On Wednesday, a three-member parliamentary panel, including a former chief justice of the country's highest court, said Ramaphosa "may have committed" acts contrary to the law and the constitution, paving the way for impeachment proceedings.

"President Ramaphosa is not resigning based on a flawed report, neither is he stepping aside," Ramaphosa's spokesperson Vincent Magwenya told journalists by text message.

"The President has taken to heart the unequivocal message coming from the branches of the governing party who have nominated him to avail himself for a 2nd term of the leadership of the ANC."

Ramaphosa has denied any wrongdoing and has not been charged with any crimes.

The members of the ANC will gather at a special National Working Committee meeting on Sunday which will be followed by a National Executive Committee meeting on Monday where they will decide the future course of action for Ramaphosa, the ANC said.

The president would challenge the report and its findings, the spokesperson said.

"It is in the long term interest and sustainability of our constitutional democracy... that such a clearly flawed report is challenged."

(Cover: A person unwraps the report ahead of handing it over to the speaker of parliament on whether or not South African president Cyril Ramaphosa should face an impeachment inquiry over the Phala Phala saga in Cape Town, South Africa, November 30, 2022. /Reuters)

(With input from Reuters and AFP)