The announcement came from the president's spokesperson on Saturday night.
After the leadership of the ruling ANC party, to which Cyril Ramaphosa belongs, sat in crisis meeting to discuss the corruption allegations.
"President Ramaphosa is not resigning because of a flawed report," spokesperson Vincent Magwenya said in a text message, referring to a committee report on the investigation.
Corruption allegations
The background to the scandal is a case involving the theft of several million dollars hidden in a leather sofa in a house belonging to the president.
Ramaphosa himself believes that the money must have been payment for buffaloes that he sold, but the theft was never reported to the police.
- Therefore, of course, a variety of questions are raised.
People are asking: is this corruption?
says Johan Ripås.
An independent investigation found that the president may have committed "serious violations" of the constitution and the country's corruption laws, which could lead to his impeachment.
Split opinions
Among the population, opinions differ.
- He must continue because he is a good leader as far as I am concerned.
He brings investors into the country, which creates jobs, says 69-year-old Pule Galeboe in Soweto to the AP news agency.
- I think he has done his best, says 18-year-old Melva Maphaha, who believes that what is happening at Ramaphosa's Phala Phala cattle farm and his presidency are two different things.
But 25-year-old Linda Mogoje, an unemployed Soweto resident, does not think he has added anything of value during his time in power.
- For me, he has not brought about any change, she tells AP.
When Cyril Ramaphosa took office, he was given the responsibility of leading the ANC to clean up after widespread corruption allegations against, among others, former president Jacob Zuma.
On Monday, the party will hold a new crisis meeting about his future.