The Finance Department is the backbone and nerve centre of the Commission which has the responsibility under the Competition Act to manage the financial activities of the Commission. The Commission as a parastatal is to a large extent managed in terms of the Public Enterprise Unit Act of 1989 (PEU Act) in budgeting, management and reporting on the finances of the Commission. The department comprises of three personnel; the Chief Finance Officer who reports to the Chief Executive Officer, the Human Resources Officer and an IT Officer.
The responsibilities of the department are-
- Ensuring effective and efficient administration of the Commission’s funds;
- Ensuring the integrity of the Commission’s financial system; and
- Maintaining a healthy Cash Flow throughout the financial year;
Funding or revenue of the Commission is currently budgeted from the Central Government by way of subvention and is also received from notification fees. The balance of the revenue comes from penalties and a slight portion from COMESA Competition Commission through merger filing fees.