South Africa's President Cyril Ramaphosa will not step down despite a parliamentary report this week into the alleged cover-up of a cash burglary at one of his farms, his spokesman said Saturday.

"President Ramaphosa is not resigning based on a flawed report, neither is he stepping aside," Vincent Magwenya said.

He allegedly organised for the burglars to be kidnapped and bribed into silence.

Ramaphosa has denied any wrongdoing.

But the scandal, complete with details of more than half a million dollars in cash being hidden under sofa cushions, has come at the worst possible moment for him.

On December 16, Ramaphosa contests elections for the ANC presidency -- a position that also holds the key to staying on as national president.

"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 second term of the leadership of the ANC," Magwenya said.

"The president has with humility and with great care and commitment accepted that call to continue being of service to his organisation the ANC and to the people of South Africa."