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The proposal is to offset the GHS 41m that was illegally paid to the former NDC financier in 2009.
Mr. Woyome through his lawyer Luda Addey Lawal moved the motion with an assurance to pay GHc10 million if the motion was granted.
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He informed the court that he will subsequently pay GHc4 million every 90 days. He said he is committed the new request.
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The arrangement would mean the entire debt would have been cleared in about two and half years.
Opposing to the motion, Deputy Attorney General Godfred Yeboah Dame said the businessmen has failed in his previous assurances over the payments.
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Godfred Yeboah Dame, deputy Attorney General and Minister of Justice
He argued that if interest accrues on the original GHc51.2 million debt, he would need about four years to pay.
He said the balance of the principal sum is left with GHc46Million.
Mr Dame said the application is too late and that the state has already laid hands to some of the properties. He prayed the court to dismiss the application.