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The right-back also said the owner of the club gifted him a gold Rolex watch, while he was also allowed to ride in a private jet for some time.
Inkoom joined the Ukrainian side from FC Basel in 2011 and spent three years at the club, although he had loan spells with Bastia and Platanias in between.
Speaking to Fiifi Banson TV, the 34-year-old he was shocked by the lucrative benefits that came with his move to Dnipro.
"Yes, it's true [the $1 million]. That was my signing-on fee though. The owner of Dnipro is one of the richest guys and he is Jewish. He had so much money and my deal was 'I will come, I won't come' and he was like 'come, whatever you need I will give it to you',” Inkoom said.
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“At a point in time, I was having a private jet and that's something that nobody knows...It was a gift for me making that decision.”
He added: "I was working hard in Wenneba. I played for Hassaacas before I came to Asante Kotoko. My salary in Asante Kotoko was GH150, so for me to receive this kind of money, I was so excited.
“I saved the money. I think I put the money in my account for like a month before I started planning what to do with it."
Inkoom was part of the Black Satellites side that became the first, and so far only, African side to win the U20 FIFA World Cup in 2009.
He went on to play for clubs in Switzerland, France, Greece, the United States, Portugal, Turkey, Bulgaria and Georgia.
For Ghana, he also amassed 44 caps, while representing his country in the Africa Cup of Nations (AFCON) and World Cup.