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Preheat oven to 350 degrees F.
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Prepare a 9-inch springform pan or a round cake pan by buttering the bottom of the pan and covering the bottom with a round of parchment paper.
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Peel and thinly slice the fresh ginger. Put ginger slices into a food processor and process until the ginger is minced. Set aside.
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Combine molasses, sugar and oil in a large bowl. Stir to combine.Set aside.
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In another bowl, whisk together flour, cinnamon, cloves, and black pepper.Set aside.
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Heat water to boil in a small saucepan. Add baking soda to the water and stir. Then, whisk the hot water into the molasses mixture. Add the chopped ginger.
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Gradually sift the flour mixture into the molasses/water mixture while stirring to combine. Stir in the lightly beaten eggs. Stir mixture until all the ingredients are combined.
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Pour batter into your pan and bake for approximately one hour or until the top of the cake springs back when touched and a toothpick comes out clean when stuck into the top center of the cake.
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Cool on a wire rack. The cake is best served after sitting overnight to let the ginger flavor mellow and permeate the cake.
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Serve with powdered sugar sprinkled over the top of the cake.