South African President Cyril Ramaphosa yesterday denied accusations of money laundering when questioned by MPs about the scandal threatening his presidency at the head of Africa's most developed economy.

"I deny that there was ever any money laundering," Ramaphosa said in parliament in Cape Town, adding, "It was the result of the sale of animals. I have been a breeder of game animals for several years, and it is an activity that sometimes results in the sale of animals."

Ramaphosa has always said that he did nothing wrong in the incident, but until now he had avoided directly explaining what happened, referring to the burglary of his house, in which a large amount of hidden money was discovered.

According to Lusa, the president confirmed the theft and said he had informed the head of presidential security, but the suspicions damaged the image of the president who replaced Jacob Zuma, forced to resign after successive corruption scandals.

South African authorities are already investigating the theft of a large sum of money, about $4 million in cash, discovered during a robbery of his ranch in 2020, which the President allegedly tried to hide to prevent the existence of the money from being known.

The police and the panel of legal experts appointed by parliament have not filed any formal complaints against the President, who is still under investigation.

Ramaphosa, 69, is seeking to renew the mandate of the African National Congress (ANC) in December, and if he does not win that internal election, he is likely to have to step down as president, following what happened to Jacob Zuma and Thabo Mbeki, who lost the party's trust and eventually resigned.