"Due to heightened expectations, the President appreciates the urgency of the issue. The President also appreciates the enormity of the issue and what it means for the country's stability.

"He is still processing the report and engaging a number of role-players from the governing party and the alliance. He is engaging a broad range of stakeholders," said Magwenya.

Magwenya said the country was in an unprecedented and extraordinary moment as a constitutional democracy as a result of the report.

"Whatever decision the President makes, that decision needs to be in the best interests of the country. It cannot be rushed or taken in haste," he said.

Magwenya apologised for the impression created that Ramaphosa would be addressing the nation on Thursday. He won't, as yet, be addressing the nation to explain his next move. 

ALSO READ: President Cyril Ramaphosa 'very likely' to resign

Earlier, it was reported that Ramaphosa's closest allies met at his Cape Town office, Tuynhuys, after he told them he was not opposed to resigning. This comes after a Section 89 panel report found that Ramaphosa may have violated the Constitution and anti-corruption laws in his Phala Phala dealings.

Ramaphosa is under immense pressure following the release of the report by the independent panel, which made damning findings against him in relation to the theft of $580 000 (R10 million) from his game farm, Phala Phala, in Limpopo.

The independent panel was led by former chief justice Sandile Ngcobo, and was appointed by Speaker Nosiviwe Mapisa-Nqakula.

ALSO READ: Phala Phala panel finds Ramaphosa ‘may have committed serious violations’

Ramaphosa failed to convince the panel that he had acted in accordance with the law and the Constitution after the burglary and theft and could face an impeachment investigation by lawmakers.

The four charges include three instances in which Ramaphosa violated the Constitution for continuing to be engaged in paid work outside his duties as a member of the Cabinet and for acting inconsistently with his office by asking his head of security, Major-General Wally Rhoode, to investigate the matter.

MPs are expected to vote on Tuesday on whether or not to adopt the report.

News24