What is Emancipation Day, and how is it celebrated ?

Answer 1

There are several Emancipation Days around the world.

Emancipation Day is a national holiday in the Bahamas commemorating the emancipation of slaves in the British Empire on August 1, 1834.
Emancipation Day is a national holiday in the Turks and Caicos Islands similar to the Bahamas. (The Turks and Caicos Islands are located next to the Bahamas and share a similar culture and history.) It is celebrated on August 7.
Emancipation Day was also a celebration by motor car owners in Great Britain upon the repeal of the Red Flag Act, which required all motor vehicle owners to have a man walk in front of their vehicles carrying a warning in form of a red flag.

if you mean in the United States:
The municipality of Washington, D.C. celebrates April 16 as Emancipation Day. On that day in 1862, President Abraham Lincoln signed the Compensated Emancipation Act for the release of certain persons held to service or labor in the District of Columbia. The Act freed about 3,100 enslaved persons in the District of Columbia nine months before President Lincoln issued his famous Emancipation Proclamation telegraphing the eventual end of slavery to the rest of the nation. The District of Columbia Compensated Emancipation Act represents the only example of compensation by the federal government to free enslaved persons.