Preheat oven to 350°. Spray the bundt pan with nonstick cooking spray.
In the bowl of a stand mixer fitted with a paddle attachment, beat butter and both sugars on medium-high for 3-4 minutes.
Scrape the bowl and add the eggs one at a time, mixing until combined.
Add molasses and vanilla and mix for 1-2 minutes until well incorporated. Scrape the bowl.
Whisk flour, baking powder, ginger, cinnamon, and salt in a separate bowl ,and then add half of the flour mixture to the wet ingredients, as well as half of the buttermilk, and mix on low. Scrape the bowl and then add the remainder of the flour and buttermilk. Mix on medium speed for 5-10 seconds.
Pour batter into your bundt pan and bake for 45-50 minutes or until a toothpick comes out clean.
Cool cake on a wire rack for 30 minutes and then flip cake from the pan and gently turn it upright on a serving dish.
Sift powdered sugar over top.