As Paul Beusterien noted - the problem lies in Xcode version in relation to the dependencies

Because I have an old mac, I could not figure out a solution (my model is unsupported for higher versions of Xcode/MacOS)

The solution for me is to patch the newest MacOS version through OpenCore software. Worked like a charm for me. Open Core Legacy Patcher

Note: If you happen to use this tool, make sure you usb flash drive is at least 32GB, preferrably 64GB