Parliament is set to examine the report, which was submitted on Wednesday, and decide whether to push ahead with impeachment proceedings next week.
This comes just weeks before an elective conference that will decide if Ramaphosa gets to run for a second term on the governing African National Congress’s (ANC) ticket at 2024 polls.
The president immediately denied any wrongdoing and has not been charged with any crimes.
“I categorically deny that I have violated this oath in any way, and I similarly deny that I am guilty of any of the allegations made against me,” Ramaphosa said in a statement issued by the South African presidency after the findings were released on Wednesday.
In June, it emerged that an estimated $4m in cash was stolen from Ramaphosa’s game farm in 2020, raising questions about how the billionaire president, who took to power on the promise of fighting corruption, acquired the money and whether he declared it.
The panel said Ramaphosa should face further scrutiny on his ability to stay in office.
“In all the circumstances, we think that the evidence presented to the Panel, prima facie, establishes that the president may be guilty of a serious violation of certain sections of the constitution,” the report found.
These include not reporting the theft directly to police, acting in a way inconsistent with holding office and exposing himself to a clash between his official responsibilities and his private business.
John Steenhuisen, the leader of South Africa’s main opposition party, the Democratic Alliance (DA), said Ramaphosa was in a tight bind, Reuters news agency reported.
“The report itself leaves the president in a virtually untenable position, particularly as it relates to his own party’s step-aside rules and the strong line that he has taken against others within his party,” he said.
Ramaphosa came to power in 2018 on a promise to root out graft after the corruption-stained era of his former boss, Jacob Zuma, and has generally insisted that any party official accused of corruption leave office pending investigations.
The alleged cover-up has tarnished the president’s reputation and overshadowed his bid for re-election at the helm of the ANC.
Ramaphosa, 70, is the favourite to win at the ruling party’s December 16-20 conference, where he faces a challenge from Zweli Mkhize, 66, an ex-health minister who resigned from the government last year amid corruption allegations.
The chances of impeachment are slim given the ANC’s dominance of parliament, where it holds 230 seats, or nearly 60 percent of the total, and typically votes along party lines. Impeaching a president requires a two-thirds majority.
Ramaphosa is expected to answer questions in parliament on Thursday and could face a tough time from opposition politicians.
The inquiry is separate from a criminal investigation that police are conducting, and which Ramaphosa has welcomed.
The report will be debated in the national assembly on December 6, said the speaker, Mapisa-Nqakula.