Pariwisata menjadi sektor strategis yang mampu mendukung pembangunan ekonomi daerah, salah satunya melalui penyelenggaraan festival budaya. Namun, efektivitas suatu festival dalam memberikan dampak ekonomi lokal sangat bergantung pada peran para pemangku kepentingan atau stakeholder. Penelitian ini bertujuan untuk menganalisis sejauh mana efektivitas peran stakeholder pemerintah, sektor swasta (UMKM), dan masyarakat dalam mendukung pelaksanaan Wolobobo Ngada Festival 2024, serta dampaknya terhadap peningkatan ekonomi lokal di Kabupaten Ngada, Nusa Tenggara Timur. Penelitian ini menggunakan pendekatan kualitatif deskriptif dengan metode studi kasus. Data dikumpulkan melalui observasi partisipatif, wawancara mendalam dengan stakeholder utama, dan dokumentasi dari kegiatan festival. Analisis data dilakukan dengan model Miles dan Huberman yang meliputi reduksi data, penyajian data, dan penarikan kesimpulan, serta triangulasi untuk meningkatkan validitas data. Fokus penelitian diarahkan pada sinergi antar stakeholder dalam mendukung keberhasilan festival serta bentuk- bentuk kontribusi mereka terhadap pengembangan ekonomi lokal. Hasil penelitian menunjukkan bahwa efektivitas peran stakeholder masih belum optimal. Rendahnya partisipasi UMKM dan masyarakat lokal menghambat pencapaian target kunjungan dan perputaran ekonomi festival. Pemerintah sebagai penyelenggara utama masih menghadapi tantangan dalam koordinasi dan pemberdayaan lintas sektor. Implikasi dari temuan ini menunjukkan pentingnya penguatan kolaborasi dan pemberdayaan komunitas berbasis pendekatan Community Based Tourism (CBT) untuk menciptakan dampak ekonomi yang berkelanjutan dari pelaksanaan festival budaya di daerah. Tourism has become a strategic sector capable of supporting regional economic development, one of which is through the organization of cultural festivals. However, the effectiveness of a festival in generating local economic impacts is highly dependent on the roles of various stakeholders. This study aims to analyze the effectiveness of the roles played by government stakeholders, the private sector (MSMEs), and local communities in supporting the implementation of the Wolobobo Ngada Festival 2024, as well as its impact on local economic improvement in Ngada Regency, East Nusa Tenggara. This research employs a descriptive qualitative approach using a case study method. Data were collected through participatory observation, in-depth interviews with key stakeholders, and documentation of festival activities. Data analysis was conducted using the Miles and Huberman model, which includes data reduction, data display, and conclusion drawing, along with triangulation to enhance data validity. The research focuses on stakeholder synergy in supporting the success of the festival and the forms of their contributions to local economic development. The findings indicate that the effectiveness of stakeholder roles has not yet been optimal. Low participation from MSMEs and local communities has hindered the achievement of visitor targets and economic circulation during the festival. The government, as the main organizer, still faces challenges in coordination and cross-sectoral empowerment. These findings imply the importance of strengthening collaboration and community empowerment through a Community-Based Tourism (CBT) approach to create sustainable economic impacts from the implementation of cultural festivals in the region.