The hosts came into the game on the back of three defeats and a draw, mounting pressure on head coach Godwin Attram but it was Wafa who had a better start on the day.
Togo international Komla Agbeniadan combined with Majeed Ashimeru to launch an onslaught which went unsuccessful in Olympics' backline.
Bernardino Tetteh had a clear chance to put Olympics in the lead by the 20th minute but his effort was saved by Wafa goalkeeper Razak Abalora.
After the break, Emmanuel Amartey and Douglas Mintah combined beautifully to set up Tetteh but the latter shot wide. Olympics coach Attram got frustrated and opted to play a part of the game. The player-coach came on for midfielder David Amuzu with 20 minutes remaining, bringing urgency in their play.
Badu Asiamah drew a stunning save out of Abalora, who got fingertips to divert the midfielder's swerving 25-yard effort onto the left post.
Olympics pushed forth in additional time but Wafa were resolute and held on to pick their second draw of the campaign.
Olympics' inability to penetrate a Wafa’s defence that has shown signs of weakness all season left many supporters wondering what 2017 would bring for their club.
The draw sees Olympics at the foot of the table with only two points, while Wafa now sit eight on the log with five points.