He is accused of stashing millions of dollars in sofas at his private game farm and covering up its subsequent theft.
The scandal almost brought down Mr Ramaphosa when it erupted in 2022 after an independent panel found evidence he may have committed misconduct.
Mr Ramaphosa – who came under pressure to quit – denied wrongdoing and was never charged with a crime.
At the time, his party, the African National Congress (ANC), rallied around him and used its parliamentary majority to prevent impeachment proceedings from being launched.
In 2024, the Economic Freedom Fighters (EFF) went to the country’s Constitutional Court, arguing parliament had acted unlawfully by failing to hold the president to account.
On Friday, the court backed the opposition case seeking to revive impeachment proceedings against the 73-year-old.
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