Hearts of Oak left it late at the Cape Coast stadium when Kwadwo Obeng Jnr equalised for the Phobians with a minute left to play.
Obeng Jnr’s one-time volley crept into the net after a long pass from Fatawu Mohammed.
The draw means Samuel Boadu’s men just need three more points from their last two games to win the league.
It was the Phobians who started the game with more intent and went close to taking the lead through Benjamin Afutu whose header came off the bar.
Hearts continued to create half chances but failed to capitalize with the game deadlocked.
Dwarfs scored what seemed like the winner five minutes from time through Dennis Korsah-Akoumah.
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A wonderfully worked free-kick routine saw the ball teed up to the Dwarfs captain whose long-range effort found the bottom corner.
Hearts face Liberty at the Accra Sports stadium next matchday and may seal the title with a win.
In other Ghana Premier League games on Sunday, Berekum Chelsea narrowly beat Dreams FC at Dawu 1-0.
Eleven Wonders also picked up a crucial away victory against Great Olympics.
Liberty Professionals came out on top in a five-goal thriller against Karela United.
Medeama had to come from behind twice to beat a stubborn Elmina Sharks side 3-2 at Tarkwa.