If and when you are ready to make an upgrade the Mojo is good, but here is my suggestion.
First determine your budget, If your budget allows you to spend up to $120, then seriously look at the Dobyns Fury series rods for $100. If you can spend up to $175 look at the Dobyns Sierra rods and rods made by Irod called the Genesis II series.
Now perhaps you decide "upgrade" is the wrong word and you decide to add to your arsenal. I would suggest looking at the same rods but at a rod that covered another technique. The rod you have is a bit on the stiffer side, all Abu Garcia's run a bit heavy in action including my Veritas rods. Your rod specs 3/8 to 1 ounce, which means it is a great texas rig, carolina rig, jig rod, but only if you are fishing lures or rigs that have a 3/8 ounce or larger weight. If you threw a 1/4 ounce texas rigged worm or jig you will have a hard time feeling it. That is fine if we build you an arsenal to complement it.
I would pick up a 6'6 to 7 foot medium power, fast action spinning rod to throw lighter baits on, like Sencos, Ned Rigs, drop shots, and lightweight texas rigs, along with grubs, tubes and a host of other light weight ( anything between no weight to 3/8 ounces) lures.
Along with that, I would look at the Dobyns and Irods for a 7 foot medium power moderate action baitcaster to throw baits that have treble hooks on them. The moderate taper keeps you from tearing the hooks out of the fish's mouth while fighting it. Look at the Irod Genesis Gabe Rip Rap Special it is a IRG 703cc, a Dobyns Fury FR705CB,and of course an Abu Garcia Veritas 2 Winch 7 foot medium moderate rod. These rods will cover your crankbaits,rattle traps and a lot more.
This approach will allow you to successfully fish a bunch of the standard bass techniques with only 3 rods. Now under my deck is about 14 more, but I am afflicted with bassitis...
Others here have correctly steered you to baitcasting reels that hover around $100. This is a price point that you get some real workhorse reels. If you can find a deal on a Daiwa Exceler reel for $60 it is worth it. Do not pay over $75. I love the reel and fish two of them. Daiwa Tatulas are the next step up, They retail between $120 and $175 depending on the model. You can easily purchase a standard Tatula off the internet for $100. A Tatula CT ( the newer slightly smaller version) can be purchased for $129. These are top notch reels that compare well to other brand's $250 reels.. I own 7 of these. I sold off a bunch of Shimano's and Bass Pro Shops reels and replaced them with Daiwas. I like they drag adjustment outside the reel, they cast really well and have a very smooth drag while fighting a large fish. My equipment gets tested each year as I fish for large smallmouth bass in clear lakes, largemouth bass here in MD.'s tidal rivers as well as big stripers here as well. I hope this helps